BioMarin price target raised to $106 from $104 at UBS

UBS raised the firm’s price target on BioMarin (BMRN) to $106 from $104 and keeps a Buy rating on the shares. BioMarin reported a solid quarter and guidance was raised incrementally on the top and bottom line, the analyst tells investors in a research note. The firm thinks the enzyme replacement therapy business alone is worth at/above where shares are trading, and thinks BMN333, which is entering the clinic in early 2025, could be a significant value driver for BioMarin in both retaining share in achon and in expanding to further indications where Voxzogo is currently being studied.