BioMarin Pharmaceutical (BMRN) has received a new Buy rating, initiated by Morgan Stanley analyst, Sean Laaman.
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Sean Laaman has given his Buy rating due to a combination of factors influencing BioMarin Pharmaceutical’s potential for growth. One of the primary considerations is the competitive landscape for BioMarin’s key product, Voxzogo, which is used for treating achondroplasia. Despite the potential competition from Ascendis’ TransCon CNP, which offers a longer half-life, there are significant hurdles that Ascendis must overcome, such as patent litigation. Additionally, the market may not fully appreciate the opportunities for Voxzogo in other indications, which could offset any competitive pressures.
Furthermore, Sean Laaman sees potential for Voxzogo to expand into treating hypochondroplasia, which could contribute to sales growth. BioMarin is also exploring Voxzogo’s application across various indications through the CANOPY clinical program, targeting conditions related to mutations in the SHOX gene. The company’s current stock price reflects a 10-year low, suggesting that the risks associated with Voxzogo have been adequately priced in. With these factors in mind, Laaman anticipates a positive outlook for BioMarin, supported by a robust pipeline and potential market expansion.
According to TipRanks, Laaman is a 3-star analyst with an average return of 2.9% and a 55.03% success rate. Laaman covers the Healthcare sector, focusing on stocks such as ACADIA Pharmaceuticals, Jazz Pharmaceuticals, and Halozyme.
In another report released on June 27, Bank of America Securities also maintained a Buy rating on the stock with a $103.00 price target.