Biotech Stock Finds Favor Among Mutual Fund Managers
Biotech stock BioMarin is on watch for a bullish move after a breakaway gap. Strong earnings and sales support positive price action.
BioMarin Pharmaceutical (BMRN), executed a hyperbullish breakaway gap in November. It broke out from a double bottom base with a buy price of 92.86. Volume was strong, which supported the jump. The third quarter's sales increased 24% to $505.3million, while earnings of 45c per share represented a substantial 150% increase in profit over the previous year. For the past five quarters, more funds have bought the biotech stock. Biotech stock BioMarin produces therapeutic products for genetic disorders like severe hemophilia. It was cleared for use in the treatment of European hemophilia A, Roctavian. Achondroplasia is a condition that affects bone growth. The enzyme therapy is for patients suffering from uncontrolled phenylketonuria. Use this pattern recognition tool to identify bases and buy points