Analyst Yun Zhong of Wedbush maintained a Buy rating on BioMarin Pharmaceutical (BMRN – Research Report), retaining the price target of $94.00.
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Yun Zhong has given his Buy rating due to a combination of factors that highlight BioMarin Pharmaceutical’s strong growth prospects and strategic initiatives. The company has reported robust revenue growth across its product portfolio, particularly with Voxzogo, which is expected to see continued expansion due to its broad label and high patient compliance. This growth is further supported by BioMarin’s efforts to develop Voxzogo for additional indications and introduce BMN 333, a long-acting CNP, which positions the company strongly against potential competition.
In addition to Voxzogo, BioMarin’s enzyme therapies are anticipated to sustain growth, contributing to the company’s ambitious revenue targets. The company has outlined plans to enhance patient identification, improve compliance, and explore new markets. Furthermore, promising developments in the pipeline, such as BMN 351 for Duchenne Muscular Dystrophy and BMN 349 for Alpha-1 Antitrypsin Deficiency, provide potential upside. With these strategic endeavors, BioMarin is well-positioned for future success, justifying the Buy rating.
According to TipRanks, Zhong is an analyst with an average return of -21.4% and a 28.57% success rate. Zhong covers the Healthcare sector, focusing on stocks such as Ascendis Pharma, Rezolute, and Keros Therapeutics.
In another report released today, Barclays also maintained a Buy rating on the stock with a $86.00 price target.