Analyst Joseph Schwartz of Leerink Partners reiterated a Buy rating on BioMarin Pharmaceutical, retaining the price target of $105.00.
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Joseph Schwartz’s rating is based on BioMarin Pharmaceutical’s strategic initiatives and growth potential. The company is focusing on expanding the use of Voxzogo for various short stature disorders and advancing BMN351 for Duchenne muscular dystrophy, which are seen as significant growth drivers. Additionally, BioMarin is making strides with Palynziq in treating phenylketonuria, and these developments are expected to enhance the company’s market position.
Despite recent challenges, such as competition in the achondroplasia market and uncertainties surrounding BMN351 data, BioMarin’s management is confident in their ability to leverage both internal and external opportunities to drive future value. The company’s proactive business development strategies and strong leadership are key factors supporting the Buy rating, with a price target set at $105.
According to TipRanks, Schwartz is a 5-star analyst with an average return of 12.8% and a 45.84% success rate. Schwartz covers the Healthcare sector, focusing on stocks such as uniQure, KalVista Pharmaceuticals, and Sarepta Therapeutics.
In another report released yesterday, Morgan Stanley also maintained a Buy rating on the stock with a $96.00 price target.