Rectangle Pattern Suggests a Momentous Move in BioMarin Pharmaceutical (BMRN) Stock Soon

Shares of BioMarin Pharmaceutical Inc. (BMRN) have been trending sideways and a rectangle pattern has emerged.  When this pattern is broken, a breakout or breakdown is expected…

BioMarin Pharmaceutical Inc. (BMRN) focuses on treatments for serious life-threatening medical conditions. Some of the company’s treatments include Aldurazyme to treat mucopolysaccharidosis I and Brineura for the treatment of late infantile neuronal ceroid lipofuscinosis type 2.

The company is seeing strong demand for Vimizim, which is used to treat Morquio syndrome. One of its newer drugs, Palynziq, is seeing strong commercial uptake in the United States and its rare disease pipeline is growing, with a focus on gene therapy agents. 

BMRN had $1.1 billion in cash as of the end of the latest reported quarter, compared with no short-term debt. The company is also highly profitable with a net profit margin of 46.2%. Earnings are up 623% over the past year, but are expected to drop 122.7% in the quarter that just ended in March.

The stock has a low trailing P/E of 17.01, but a very high forward P/E of 238.10. The stock has been trending down this year, but has shown mixed recent momentum. 

Take a look at the 1-year chart of BMRN below with the added notations…

See chart and continue reading at STOCKNEWS.com