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8 Stocks Hitting New Highs Today


BioMarin Pharmaceutical

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BioMarin Pharmaceutical (BMRN - Get Report) develops and commercializes pharmaceuticals for serious diseases and medical conditions. This stock is trading up 1.1% to $36.00 in recent trading after hitting a 52-week high of $36.13 earlier in the day.

Today's Range: $35.47-$36.13

52-Week Range: $23.09-$35.94

Volume: 225,000

Three-Month Average Volume: 803,464

BioMarin Pharmaceutical has a market cap of $4.11 billion and an enterprise value of $4.19 billion. This stock trades at a price-to-sales of 9.34 and a price-to-book of 5.25. Its estimated growth rate for this year is -120.2%, and for next year it's pegged at 8.6%. The current short interest as a percentage of the float for BioMarin Pharmaceutical is notable at 6.8%.

From a technical standpoint, BMRN has started to trigger a major breakout trade today now that the stock is taking out some past overhead resistance at $35.47 to $35.56. The only thing lacking on this breakout is heavy volume, since only 225,000 shares have traded versus its average volume of 803,463.

That said, price always trumps volume, so if BMRN can sustain a move and close over $35.56, then it has a shot at trading back toward its all-time high at $40. Traders should continue to monitor the volume in the coming days to see if it firms up, and continue to look for long-biased trades as long as BMRN continues its trend above $35.47 to $35.56.

As of the most recently reported quarter, BioMarin is one of the top holdings in Columbia Wanger Asset Management's portfolio.

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