In last week’s stock watch article on InterMune ITMN some of the warning signs for the overall stock market were highlighted.
Those warnings became more than just warnings last week as the market took some significant hits. Last Thursday’s 300+ 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.
The company: BioMarin Pharmaceutical, Inc.
Ticker Symbol: BMRN
The company develops and commercializes biopharmaceuticals for serious diseases and medical conditions in the United States, Europe, Latin America, and internationally.
Related: The Biotech Stock With The Biggest Head Of Steam
BioMarin’s commercial products include Naglazyme, Kuvan, Aldurazyme Firdapse and Vimizim.
Take a look at the 1-year chart of BioMarin with the added notations:
For the most part, the DOW has been declining for the past 2-3 weeks, but 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 yesterday at $64.96.
Related: InterMune Leads The Pack
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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