BMRN: S/T Correction, Positive Mid to L/T Prospects
BMRN shares today are dropping by 1.4%, continuing a correction begun on May 22. The stock has retrenched from a high of $ 69.79 on May 22 to a low of $ 63.45 today. Most day’s since May 22 BMRN has registered lower low’s and lower high’s. The stock’s technical’s are also weakening. The MACD began an accelerating trend down mid May. BMRN is trading below the 20 and 50 day SMA. The 5 day EMA is now lower than 13 day EMA. Lastly corporate officers, prominently the CEO, CFO, and Chief Medical Officer have been aggressively selling over shares in 52 transactions. This is supplemented by institutional selling. Absent a positive new catalyst to reverse the correction, the stock could correct to $ 60 near term support level. The medium and longer term prospects for BMRN are positive, but in the near term the trend is negative. The short term risk adjusted return is biased to the downside into next week.
Correction is now in the seventh trading day of lower low's and lower high's. Stock is now another 2.4% today. Stock technical's continue to weaken. MACD has dropped below zero, 5/13 day EMA is negative, and the stock is trading lower than the 20, and 50 day SMA. BMRN could challenge $ 60 support level by early next week
BMRN stock continues it's correction, shares down 1.42% today. Negative timing for FDA review of Vimizin is providing a negative catalyst for a stock already evidencing significant weakness in the charts. BMRN is poised to test $ 60 support levels in the next few days.
I'm buying--there is no finadmental sensible reason for this attack over days! I'll flip these shares at 70.00 later! Oh god we have a drug accepted for review in both the EU and US in one day, that will make us cash flow positive forever and somehow thats negative. So what if the FDA takes longer to review than anticipated over the CMC additional data.
I can;t put my finger on it, but something is up here. given the volume and I want shares!