Wedbush analyst Yun Zhong has maintained their bullish stance on BMRN stock, giving a Buy rating on March 27.
Yun Zhong has given his Buy rating due to a combination of factors surrounding BioMarin Pharmaceutical’s recent developments and future prospects. The successful completion of the Phase 3 study of Palynziq in adolescents, which met its primary endpoint, is a significant milestone. This achievement is part of BioMarin’s broader strategy to expand its enzyme therapy offerings, aiming to reach new patient populations and enhance patient adherence, which is expected to drive continued revenue growth.
Furthermore, Palynziq has shown strong efficacy in reducing blood phenylalanine levels in both adolescent and adult patients with PKU, demonstrating its potential as a leading treatment option. The company’s ongoing efforts to explore emerging markets and expand the eligible patient base are likely to contribute to sustained growth. Additionally, upcoming catalysts, such as the anticipated data from the BMN 351 study for DMD patients, offer promising opportunities for BioMarin’s pipeline, reinforcing the Buy rating.
In another report released on March 27, TD Cowen also maintained a Buy rating on the stock with a $120.00 price target.