Should You Buy BioMarin Pharmaceutical Stock At $78?

Should You Buy BioMarin Pharmaceutical Stock At $78?

We believe that BioMarin Pharmaceutical stock (NASDAQ: BMRN) is a good buying opportunity at the present time. BMRN stock trades near $78 currently and it is, in fact, down 19% from its pre-Covid high of around $97 in March 2020 - before the coronavirus pandemic hit the world. BMRN stock has had a volatile ride since last year. It rallied from levels of under $71 on March 23, 2020, when broader markets made the bottom, to levels of around $130 in mid-July 2020. This move was largely driven by the positive developments around Valrox - BioMarin's gene therapy for Hemophilia A. However, BMRN stock plunged over 40% to levels of $73 toward the end of August, 2020. This decline also related to the company's Hemophilia A treatment. The U. S. FDA issued a response letter asking the company's for more data, which essentially meant a delay of around two years for the drug approval. BMRN stock has remained in the range of $70 and $90 since then. Given that the stock has corrected meaningfully to accommodate the delay in approval for its Hemophilia A treatment, we believe that BMRN stock now looks attractive at the current levels of around $78.