TD Cowen analyst Phil Nadeau maintained a Buy rating on BioMarin Pharmaceutical today and set a price target of $120.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Phil Nadeau has given his Buy rating due to a combination of factors that highlight BioMarin Pharmaceutical’s strong financial performance and promising future prospects. The company’s Q2 revenue of $825 million exceeded expectations, driven by significant growth in Voxzogo and enzyme revenues. This performance not only surpassed consensus estimates but also demonstrated robust demand across BioMarin’s product portfolio.
Moreover, BioMarin’s strategic initiatives, such as the development of BMN 333, show potential for best-in-class efficacy, which could significantly enhance their market position. The company has also narrowed its FY25 revenue guidance, indicating confidence in its commercial execution and cost management. These factors, combined with the continued adoption and growth of Voxzogo, contribute to Nadeau’s positive outlook and Buy rating for BioMarin’s stock.
In another report released yesterday, Morgan Stanley also maintained a Buy rating on the stock with a $96.00 price target.