BioMarin Pharmaceutical (BMRN – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Whitney Ijem from Canaccord Genuity maintained a Hold rating on the stock and has a $84.00 price target.
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Whitney Ijem’s rating is based on a combination of factors surrounding BioMarin Pharmaceutical’s current market position and the competitive landscape. The recent data from Ascendis Pharma’s combination trial of TransCon hGH and TransCon CNP showed promising short-term efficacy in growth acceleration for achondroplasia patients. However, there are lingering concerns about the long-term safety and durability of these effects, particularly related to potential side effects associated with growth hormone treatments.
Despite the positive short-term results, the combination treatment is not seen as a direct threat to BioMarin’s existing Voxzogo franchise. The competitive pressure from Ascendis Pharma is already accounted for in the current market model. As such, the new data does not significantly alter the existing thesis or projections for BioMarin, leading to the decision to maintain a Hold rating on the stock.