Analyst Whitney Ijem of Canaccord Genuity maintained a Hold rating on BioMarin Pharmaceutical (BMRN – Research Report), with a price target of $84.00.
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Whitney Ijem has given his Hold rating due to a combination of factors related to BioMarin Pharmaceutical’s recent financial performance and future outlook. The company’s fourth-quarter earnings exceeded expectations both in terms of revenue and earnings per share, primarily driven by increased product sales across its portfolio. However, this positive financial performance was tempered by higher-than-anticipated selling, general, and administrative expenses, which included costs related to a bad debt reserve and increased commercialization expenses for Voxzogo due to an ERP implementation.
In terms of future prospects, BioMarin is on track to achieve $4 billion in revenue by 2027, with a strong growth rate projected for the Voxzogo franchise. Despite this growth trajectory, there are ongoing legal challenges, such as the patent dispute with Ascendis, and no significant developments in business development that could enhance investor interest. Additionally, while there are several promising drugs in the pipeline, they are at various stages of development, and meaningful data is not expected until the next few years. These factors combined have led Ijem to maintain a Hold rating with a price target of $84 by the end of 2025.
In another report released yesterday, Scotiabank also maintained a Hold rating on the stock with a $80.00 price target.