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 TrifectaStocks.com 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.

What's more, the stock demonstrated solid Relative Strength while the market got hammered. Moving Average Convergence Divergence is on a buy signal now, and if price gets over the Friday high, we'll have a "fat tail" trade.

DISCLOSURE: Trifecta Stocks has no position in BMRN. This Alert is a technical analysis of the company's chart, and we are not taking any action in the stock at this time.

-Bryan Ashenland and Bob Lang, "Chart of the Day: BMRN," originally published 6/22/15 on TrifectaStocks.com

Separately, TheStreet Ratings team rates BIOMARIN PHARMACEUTICAL INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate BIOMARIN PHARMACEUTICAL INC (BMRN) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and feeble growth in the company's earnings per share."

You can view the full analysis from the report here: BMRN Ratings Report

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