BioMarin initiated with an Outperform at Raymond James

Raymond James initiated coverage of BioMarin (BMRN) with an Outperform rating and $85 price target BioMarin now trades at a meaningful discount to its large-cap peers, despite credible guidance of meaningful revenue growth and operating leverage, the analyst tells investors in a research note. The concerns over Voxzogo’s near-to-intermediate growth prospects are also “largely overblown”, the firm added. The market has assigned almost no pipeline value, even though the company does have a number of pipeline programs as well as a reasonable level of dry powder for bolt-on deals such as the recently announced Inozyme (INZY) deal, Raymond James stated.