In a report released today, Sean Laaman from Morgan Stanley maintained a Buy rating on BioMarin Pharmaceutical, with a price target of $98.00.
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Sean Laaman has given his Buy rating due to a combination of factors that highlight BioMarin Pharmaceutical’s potential for growth despite some challenges. The company has withdrawn its 2027 revenue guidance of $4 billion, acknowledging potential competition from Ascendis TransCon CNP. However, this adjustment aligns more closely with the current consensus estimate of $3.65 billion, suggesting a more realistic outlook.
Despite the anticipated competition for Voxzogo, BioMarin’s portfolio includes promising developments such as the pediatric uptake of Palynziq and the launch of BMN401, which could offset these headwinds. Additionally, the company is well-positioned financially, with a strong balance sheet and the capacity to invest $4-5 billion in business development opportunities. These factors, combined with several potential catalysts in the near term, support the Buy rating for BioMarin’s stock.
In another report released today, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $58.00 price target.