William Blair analyst Sami Corwin has maintained their neutral stance on BMRN stock, giving a Hold rating on March 20.
Sami Corwin has given his Hold rating due to a combination of factors surrounding BioMarin Pharmaceutical. The recent Phase III PEGASUS trial of Palynziq in adolescents with phenylketonuria (PKU) achieved its primary endpoint, which is a positive development. However, the safety profile of Palynziq remains a concern, especially considering the existing black-box warning related to potential anaphylaxis.
While the trial results are promising, the competitive landscape poses challenges, with emerging therapies like PTC’s sepiapterin potentially offering alternative treatment options. Investors are likely to focus on the detailed safety outcomes and the degree of dietary liberalization achieved, which will be presented at a future medical meeting. These factors contribute to the decision to maintain a Hold rating, as the market dynamics and safety considerations present both opportunities and risks for BioMarin.
Corwin covers the Healthcare sector, focusing on stocks such as Sarepta Therapeutics, PTC Therapeutics, and Solid Biosciences. According to TipRanks, Corwin has an average return of -5.6% and a 30.95% success rate on recommended stocks.
In another report released on March 20, Citi also reiterated a Hold rating on the stock with a $82.00 price target.