BioMarin Pharmaceutical (BMRN) Stock Is the 'Chart of the Day'

NEW YORK (TheStreet) -- Shares of BioMarin Pharmaceutical (BMRN) were gaining 0.2% to $138.17 on light trading volume on Monday afternoon.

On Wednesday, analyst firm SunTrust Robinson Humphrey increased its price target for the biotechnology company to $170 from $151, and maintained its "buy" rating for the company.

BioMarin Pharmaceutical is a biotechnology company based in San Rafael, Calif. The company's core business and research is in enzyme replacement therapies.

BioMarin's approved products include Vimizim (elosulfase alpha), Naglazyme (galsulfase), Kuvan (sapropterin dihydrochloride), Aldurazyme (laronidase), and Firdapse (amifampridine phosphate).

About 467,000 shares of BioMarin were traded by noon Monday, compared to the company's average trading volume of about 1.5 million shares a day.

Insight from TheStreet's Research Team:

Bryan Ashenberg and Bob Lang have identified BioMarin Pharmaceutical as the Chart of the Day. Here is what Ashenberg and Lang had to say about the stock's chart:

Recently, we have seen a nice surge in the biotech names such as Gilead Sciences(GILD:Nasdaq), Receptos (RCPT:Nasdaq) and BioMarin Pharmaceuticals (BMRN:Nasdaq).

Looking at BMRN's chart, it could be setting up for more upside. Given the gap higher last week and the hold on Friday, we see something different from the prior gap up in late March.

On that day in March, the rally fizzled, and the stock came in sharply as did the market. This time around, we see the stock holding the bar with Friday being an inside day.

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