Possibly a bottom formed, time will tell.
3 year high is 131.95 and 3 year low is 62.88. ATH is 151.75 but price gapped down dramatically from this level in the past.
The top appears to have been in a rectangle that broke to the downside. The bottom trendline of the rectangle is now resistance. The resistance of that bottom trendline has knocked price away from it and won the battle, for now. You can measure the width of the rectangle to get a guesstimate to get you in the ballpark of where a fall or a break to the upside may go. Price broke through the top trendline, which was resistance, a few times but throwbacks occurred and price went back inside the rectangle only to fall out and break to the downside. A throwback differs from a pullback. Pullbacks are healthy and throwbacks can hurt performance.
The top does not look good and evidence of a struggle with resistance noted up there.
This sector is not doing well right now, but a lot of this sector is without earnings or in the red as far as earnings go. BMRN has a bit better fundamentals than many in this sector. The PE leaves something to be desired, but is better than a lot of the biotech industry.
Short interest is 5.96%. This percentage could be less but it is what it is I suppose.
Candle tails/shadows can also point to support.
There is also support at the multiple bottoms. (Look left) I see a pocket pivot (green triangles) at 3 of the 4 bottoms. There is also a humongous gap down back there as well that is above where price is now.
No recommendation.
BioMarin Pharmaceutical Inc. develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Vimizim, an enzyme replacement therapy for the treatment of mucopolysaccharidosis (MPS) IV type A, a lysosomal storage disorder; Naglazyme, a recombinant form of N-acetylgalactosamine 4-sulfatase for patients with MPS VI; and Kuvan, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria (PKU), an inherited metabolic disease. The company’s commercial products also comprise Palynziq, a PEGylated recombinant phenylalanine ammonia lyase enzyme, which is delivered through subcutaneous injection to reduce blood Phe concentrations; Brineura, a recombinant human tripeptidyl peptidase 1 for the treatment of patients with ceroid lipofuscinosis type 2, a form of Batten disease; Voxzogo, a once daily injection analog of c-type natriuretic peptide for the treatment of achondroplasia; and Aldurazyme, a purified protein designed to be identical to a naturally occurring form of the human enzyme alpha-L-iduronidase. In addition, it develops valoctocogene roxaparvovec, an adeno associated virus vector, which is in Phase III clinical trial for the treatment of patients with severe hemophilia A; BMN 307, an AAV5 mediated gene therapy, which is in Phase 1/2 clinical trial to normalize blood Phe concentration levels in patients with PKU; and BMN 255 that is in Phase 1/2 clinical trial for treating primary hyperoxaluria. The company serves specialty pharmacies, hospitals, and non-U.S. government agencies, as well as distributors and pharmaceutical wholesalers in the United States, Europe, Latin America, and internationally. BioMarin Pharmaceutical Inc. has license and collaboration agreements with Sarepta Therapeutics, Ares Trading S.A., Catalyst Pharmaceutical Partners, Inc., and Asubio Pharma Co., Ltd. The company was incorporated in 1996 and is headquartered in San Rafael, California.
3 year high is 131.95 and 3 year low is 62.88. ATH is 151.75 but price gapped down dramatically from this level in the past.
The top appears to have been in a rectangle that broke to the downside. The bottom trendline of the rectangle is now resistance. The resistance of that bottom trendline has knocked price away from it and won the battle, for now. You can measure the width of the rectangle to get a guesstimate to get you in the ballpark of where a fall or a break to the upside may go. Price broke through the top trendline, which was resistance, a few times but throwbacks occurred and price went back inside the rectangle only to fall out and break to the downside. A throwback differs from a pullback. Pullbacks are healthy and throwbacks can hurt performance.
The top does not look good and evidence of a struggle with resistance noted up there.
This sector is not doing well right now, but a lot of this sector is without earnings or in the red as far as earnings go. BMRN has a bit better fundamentals than many in this sector. The PE leaves something to be desired, but is better than a lot of the biotech industry.
Short interest is 5.96%. This percentage could be less but it is what it is I suppose.
Candle tails/shadows can also point to support.
There is also support at the multiple bottoms. (Look left) I see a pocket pivot (green triangles) at 3 of the 4 bottoms. There is also a humongous gap down back there as well that is above where price is now.
No recommendation.
BioMarin Pharmaceutical Inc. develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Vimizim, an enzyme replacement therapy for the treatment of mucopolysaccharidosis (MPS) IV type A, a lysosomal storage disorder; Naglazyme, a recombinant form of N-acetylgalactosamine 4-sulfatase for patients with MPS VI; and Kuvan, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria (PKU), an inherited metabolic disease. The company’s commercial products also comprise Palynziq, a PEGylated recombinant phenylalanine ammonia lyase enzyme, which is delivered through subcutaneous injection to reduce blood Phe concentrations; Brineura, a recombinant human tripeptidyl peptidase 1 for the treatment of patients with ceroid lipofuscinosis type 2, a form of Batten disease; Voxzogo, a once daily injection analog of c-type natriuretic peptide for the treatment of achondroplasia; and Aldurazyme, a purified protein designed to be identical to a naturally occurring form of the human enzyme alpha-L-iduronidase. In addition, it develops valoctocogene roxaparvovec, an adeno associated virus vector, which is in Phase III clinical trial for the treatment of patients with severe hemophilia A; BMN 307, an AAV5 mediated gene therapy, which is in Phase 1/2 clinical trial to normalize blood Phe concentration levels in patients with PKU; and BMN 255 that is in Phase 1/2 clinical trial for treating primary hyperoxaluria. The company serves specialty pharmacies, hospitals, and non-U.S. government agencies, as well as distributors and pharmaceutical wholesalers in the United States, Europe, Latin America, and internationally. BioMarin Pharmaceutical Inc. has license and collaboration agreements with Sarepta Therapeutics, Ares Trading S.A., Catalyst Pharmaceutical Partners, Inc., and Asubio Pharma Co., Ltd. The company was incorporated in 1996 and is headquartered in San Rafael, California.