Oppenheimer upgrades BioMarin with stage set for increasing interest

Oppenheimer upgraded BioMarin (BMRN) to Outperform from Perform with a $98 price target BioMarin reported strong Q4 results and Oppenheimer has increased confidence in the company’s longer-term financial outlook as the newer management team increases operational efficiency, reduces costs, and focuses investment, the analyst tells investors in a research note. The firm sees the shares as valuing little beyond the core enzyme business and a “modest” achondroplasia opportunity for Voxzogo despite its expansion into other short-stature indications. The “stage seems set for increasing investor interest” as BioMarin accelerates profitability and positions itself for near- and long-term revenue growth, contends Opco.