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Recent 52-Week High Exceeded in Shares of BioMarin Pharmaceutical (BMRN)

By Amy Schwartz

Shares of BioMarin Pharmaceutical (NASDAQ:BMRN) traded today at $94.25, breaking its 52-week high. Approximately 490,000 shares have changed hands today, as compared to an average 30-day volume of 1.2 million shares.

BioMarin Pharmaceutical (NASDAQ:BMRN) has potential upside of 1.1% based on a current price of $93.42 and analysts' consensus price target of $94.47. The stock should discover initial support at its 50-day moving average (MA) of $79.96 and subsequent support at its 200-day MA of $68.99.

BioMarin Pharmaceutical Inc. develops and commercializes therapeutic enzyme products. The Company has applied its proprietary enzyme technology to develop products for lysosomal storage diseases and for the treatment of serious burns. BioMarin's subsidiary provides analytical and diagnostic products and services in the area of carbohydrate biology.

Over the past year, BioMarin Pharmaceutical has traded in a range of $55.04 to $94.25 and is now at $93.42, 70% above that low. The 200-day and 50-day moving averages have moved 0.46% higher and 2.59% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of BioMarin Pharmaceutical on October 21st, 2014 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $73.58. Since that recommendation, shares of BioMarin Pharmaceutical have risen 22.6%. We continue to monitor BMRN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows biomarin pharmaceutical

Ticker(s): BMRN