Leerink Partners analyst Joseph Schwartz reiterated a Buy rating on BioMarin Pharmaceutical (BMRN – Research Report) yesterday and set a price target of $105.00.
Joseph Schwartz has given his Buy rating due to a combination of factors including BioMarin Pharmaceutical’s strategic initiatives and growth potential. Under the leadership of CEO Alexander Hardy, the company has undergone significant structural changes aimed at achieving $4 billion in sales by 2027, largely driven by the potential of Voxzogo in treating skeletal conditions. The management’s focus on optimizing the legacy enzyme replacement therapy business and the strategic development of their clinical-stage pipeline further supports this positive outlook.
Additionally, the company’s recent strong financial performance and the anticipated pipeline catalysts over the next year enhance its attractiveness to investors. With the current stock price reflecting primarily the value of the legacy business and not accounting for the potential of Voxzogo or the pipeline, Schwartz sees a favorable setup for future earnings reports and clinical developments. As a result, he reiterates an Outperform rating with a price target of $105.
In another report released on March 5, TD Cowen also maintained a Buy rating on the stock with a $120.00 price target.
BMRN’s price has also changed moderately for the past six months – from $84.080 to $71.210, which is a -15.31% drop .
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