Is Now A Good Time To Buy BioMarin Stock?
The stock market is full of inflated valuations, so it's hard to find bargains. It's difficult to "buy low, sell high" if everything seems to be selling high. That's why I like BioMarin Pharmaceutical (NASDAQ: BMRN), a biotech company founded in 1997 in San Rafael, Calif. The company is healthy, yet its share price is down nearly 35% over the past six months, presenting a great buying opportunity.
BioMarin specializes in enzyme replacement therapies. The drop in the company's stock coincides with news the company got from the Food and Drug Administration (FDA) in August when the agency requested more information before approving Roctavian, a gene-therapy candidate to treat hemophilia A, a genetic blood clotting disorder. The FDA requested two years of follow-up data on the patients in the drug's Phase 3 trial. With the final patient in the study not expected to finish post-treatment analysis until next November, that means the earliest the FDA could approve Roctavian would be toward the end of this year or early next year.
The company may still have to wait, but earlier this month, it released data that could move up the FDA timetable, and at the very least, bodes well for Roctavian's eventual approval. The company said results from the trial showed the drug met all primary and secondary efficacy endpoints in treating severe hemophilia A, lowering by 84% patients' severe mean annualized bleeding rate compared to current therapies.
Source Fool.com
