Jason Gerberry, an analyst from Bank of America Securities, maintained the Buy rating on BioMarin Pharmaceutical (BMRN – Research Report). The associated price target is $103.00.
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Jason Gerberry has given his Buy rating due to a combination of factors influencing BioMarin Pharmaceutical’s market position and potential growth. The recent clinical data from a competitor’s novel combination approach in treating achondroplasia highlights the competitive landscape BioMarin faces with its product, Voxzogo. Despite the early and small-scale nature of the competitor’s study, the potential for a ‘boosting effect’ on growth in patients adds complexity to the market dynamics.
Furthermore, BioMarin’s stock is primarily driven by its enzyme replacement therapy business, and the uncertainties in the achondroplasia treatment market present both risks and opportunities. The company’s strategic capital deployment and the potential upside from competitive uncertainties contribute to the positive outlook. Gerberry maintains a Buy rating, reflecting confidence in BioMarin’s ability to navigate these challenges and capitalize on its market position.
In another report released today, Barclays also maintained a Buy rating on the stock with a $86.00 price target.