The market has been in turmoil since President Trump took office, but the news that a major biotechnology company could be on the verge of closing was a shock to the market.
Biomarin is a biotechnology giant with a wide range of drugs for cancer treatments and other conditions.
It is the third-largest U.S. biotechnology stock, after Abbott Laboratories and Novartis.
The company has seen its stock drop nearly 40% over the last five years.
In its latest quarterly earnings call, Biomarin reported a loss of $3.3 billion, or 2 cents a share, for the quarter ended July 27, 2017.
Biominar lost $3 billion last year.
The stock has fallen nearly 40%.
The stock fell 4% in after hours trading Tuesday, before rising slightly to close at $3,738.73.
The Dow Jones Industrial Average lost 971 points, or 0.5%, to 22,958.09.
The S&P 500 lost 8.3 points, to 2,869.23.
The Nasdaq Composite lost 7.1 points, of 1,531.75, to 7,638.09, and the Russell 2000 lost 3.9 points, for a total loss of 8.5%.