16 Best Mid Cap Growth Stocks To Buy Now

8. Biomarin Pharmaceutical Inc. (NASDAQ:BMRN)

Market Capitalization as of September 13: $16.16 billion

Number of Hedge Fund Holders: 48

Biomarin Pharmaceutical Inc. (NASDAQ:BMRN) is a biotechnology company focused on developing and commercializing therapies for rare genetic diseases. Its approved medicines treat achondroplasia, severe hemophilia A, and several rare inherited and lysosomal storage diseases, intending to improve the lives of patients with rare genetic disorders through innovative therapies.

This quarter, the company made significant strides in finalizing its updated corporate vision and strategy. Revenue generated was $712.03M, a 19.61% year-over-year improvement, along with an earnings per share value of $0.96.

By the second quarter, a total of 3500 children were recieving the VOXZOGO treatment. VOXZOGO has rapidly expanded globally, especially among families of young children, with a particularly strong uptake in the US, for children under 5. Its revenues were up 62%.

Q2 also saw advancements in programs for hypochondroplasia, idiopathic short stature, Noonan Syndrome, Turner Syndrome, and SHOX deficiency. ROCTAVIAN’s opportunity was also tapped to support long-term revenue growth. The decision on ROCTAVIAN is based on confidence in its therapeutic profile, launch timelines, progress in key markets, and a revised expense profile (aiming to reduce annual expenses to ~$60 million, targeting profitability by the end of 2025).

The company’s strong quarterly results and progress on ROCTAVIAN highlight its 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.”