BioMarin Pharmaceutical (BMRN – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Jason Gerberry from Bank of America Securities maintained a Buy rating on the stock and has a $103.00 price target.
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Jason Gerberry has given his Buy rating due to a combination of factors that highlight BioMarin Pharmaceutical’s potential for growth and resilience in the face of competitive pressures. One key aspect is the company’s ability to maintain the value of its drug, Voxzogo, despite the upcoming competition from Ascendis’ TransCon CNP. The differentiation in dosing frequency, with TransCon offering a once-weekly option compared to Voxzogo’s daily regimen, is expected to split the market share, but Voxzogo’s established safety profile provides it with a competitive edge.
Additionally, BioMarin’s strategic moves, such as the acquisition of Inozyme, demonstrate its capacity to diversify and scale efficiently within the enzyme replacement therapy market. The company’s ongoing development of BMN333, a potential once-weekly treatment, further underscores its commitment to long-term competitiveness. Moreover, Palynziq’s ability to secure its niche in the PKU market and potential for label expansion into adolescent patients adds to BioMarin’s growth prospects. These factors, combined with the stock’s current undervaluation, support Gerberry’s Buy rating.
In another report released on June 25, Jefferies also reiterated a Buy rating on the stock with a $110.00 price target.