Analyst Joseph Schwartz from Leerink Partners reiterated a Buy rating on BioMarin Pharmaceutical and keeping the price target at $105.00.
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Joseph Schwartz has given his Buy rating due to a combination of factors, including BioMarin Pharmaceutical’s strong financial performance and promising pipeline developments. The company reported second-quarter sales of $825 million, surpassing expectations and prompting an upward revision of the lower end of their full-year revenue guidance. This reflects robust demand, particularly for their product Voxzogo, which also exceeded sales forecasts.
Additionally, BioMarin’s pipeline shows potential with early data from BMN 333, which has generated significant interest. Despite the discontinuation of BMN 390, other programs like BMN 351 and BMN 401 are progressing well and are expected to produce key data in the near future. These factors contribute to the positive outlook on BioMarin’s stock, supporting the Buy rating.
In another report released today, BMO Capital also maintained a Buy rating on the stock with a $115.00 price target.