In a report released today, Sean Laaman from Morgan Stanley maintained a Buy rating on BioMarin Pharmaceutical, with a price target of $96.00.
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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 and undervaluation in the market. He notes that the company’s shares are currently undervalued, particularly in light of the promising commercial opportunities with their product Voxzogo. Despite investor concerns about future competition, Laaman sees a strong possibility for the stock to be re-priced favorably within the next 6 to 18 months, driven by significant upcoming catalysts.
Laaman points out that BioMarin’s shares are trading near 10-year lows, yet there is a clear path to potential appreciation. This is supported by anticipated data releases, such as BMN333 PK data and BMN351 proof-of-concept data for DMD, as well as favorable Phase 3 results for hypochondroplasia. Furthermore, BioMarin’s guidance for revenue and operating margin improvements in the coming years aligns with Laaman’s expectations, reinforcing his positive outlook on the stock.
Laaman covers the Healthcare sector, focusing on stocks such as ACADIA Pharmaceuticals, Jazz Pharmaceuticals, and Halozyme. According to TipRanks, Laaman has an average return of 4.0% and a 56.90% success rate on recommended stocks.
In another report released yesterday, Bank of America Securities also maintained a Buy rating on the stock with a $103.00 price target.