10 Worst Performing Healthcare Stocks in 2024

4. BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Total YTD Return: -27.95% 

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) is a global biotechnology company founded in 1997 that specializes in developing and commercializing innovative therapies for rare genetic diseases, primarily affecting small patient populations, often children. The company focuses on enzyme replacement therapies and targeted treatments that address the underlying genetic causes of these disorders.

A potential catalyst for BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) is the progress of ROCTAVIAN, its gene therapy for hemophilia A, which the company is preparing to launch in various markets. Success could significantly boost revenue and market position. Additionally, the rapid global adoption of Voxzogo, particularly among families with young children—approximately 3,500 children were receiving treatment by the end of Q2 2024—presents another growth opportunity that could drive future revenue.

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) stock has hit a 52-week low of $68.80, reflecting a 20.38% decrease over the past year and a 23.21% decline in the last month. Key factors behind this underperformance include competitive pressures from emerging rivals, particularly Ascendis Pharma’s promising trial results for achondroplasia treatment, and disappointing first-quarter performance of ROCTAVIAN, BioMarin’s gene therapy, which places the company among the worst performing healthcare stocks in 2024. Broader market trends and economic challenges have further dampened investor sentiment, leading several analysts to lower their price targets for the company. However, the company has already initiated a strategy to reduce annual expenses to approximately $60 million, aiming for profitability by the end of 2025.

As tracked by the Insider Monkey database, 54 hedge fund holders held shares in the company in Q3 2024, with Viking Global being the largest stakeholder with shares worth $685.5 million.