10 Worst Performing Biotech Stocks in 2024

6. BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

YTD Return: -27.95% 

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) is a global biotechnology company founded in 1997 that focuses on developing and commercializing innovative therapies for rare genetic diseases, primarily affecting children. The company specializes in enzyme replacement therapies and other targeted treatments that address the underlying genetic causes of various disorders, aiming to serve small patient populations. The stock has fallen by nearly 28% since the start of 2024, which makes it one of the worst performing biotech stocks on our list.

In the latest quarter, BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) achieved a revenue of $712.03 million, reflecting a 19.61% year-over-year increase, with earnings per share at $0.96. The VOXZOGO treatment is being administered to 3,500 children, particularly gaining traction in the U.S. among children under five, resulting in a 62% revenue increase.

Additionally, BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) made progress in programs for hypochondroplasia, idiopathic short stature, Noonan Syndrome, Turner Syndrome, and SHOX deficiency. The company is focusing on ROCTAVIAN to support long-term revenue growth, aiming for profitability by the end of 2025 with a revised expense profile targeting annual expenses of around $60 million. The strong quarterly results and advancements in therapies underscore the company’s commitment to enhancing patient impact and shareholder value.

Parnassus Value Equity Fund stated the following regarding BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in its first quarter 2024 investor letter:

“We also closed out two positions, BioMarin Pharmaceutical Inc. (NASDAQ:BMRN), to invest in other opportunities with more potential upside. BioMarin’s risk/return profile has become less attractive due to an ill-timed drug launch and increased competition. We sold our profitable position in BioMarin in favor of other higher-conviction positions in the portfolio.”

As of the third quarter of 2024, 54 hedge funds tracked by Insider Monkey held stakes in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN), up from 48 in the previous quarter. These stakes are worth over $1.77 billion in total.