BioMarin Weathers The Storm
Those warnings became more than just warnings last week, as the market took some significant hits. Last Thursday’s 300-plus drop on the Dow Jones Industrial Average was the main headline.
Since then the market has continued to decline, but some stocks have actually managed to weather the storm and climb higher. Stocks that hold their ground during the sell-offs can commonly be the ones the rise the most when the market recovers.
One of those stocks has been BioMarin Pharmaceutical, Inc. (NASDAQ: BMRN) This healthcare company develops and commercializes biopharmaceuticals for serious diseases and medical conditions in the United States, Europe, Latin America and internationally.
BioMarin’s commercial products include Naglazyme, Kuvan, Aldurazyme, Firdapse and Vimizim.
Take a look at the one-year chart of BioMarin with the added notations:
For the most part, while the Dow has been declining for the past two weeks or so, BioMarin has actually been rising. After bouncing on its $55 support yet again, the stock has pushed almost 20 percent higher and is now sitting at the $65 resistance.
Investors and traders might want to watch to see if BioMarin can break through that $65 mark. That would, in all probabilities, signal higher prices for the stock.
The stock closed Tuesday at $64.96.
BioMarin isn’t set to release earnings again until next quarter.
No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key.
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