BioMarin price target raised to $100 from $80 at Truist

Truist analyst Joon Lee raised the firm’s price target on BioMarin (BMRN) to $100 from $80 and keeps a Buy rating on the shares. The company’s proposed acquisition of Amicus (FOLD) hits all the right notes based on the following, including two approved rare disease drugs aligns with BioMarin’s rare disease focus, the analyst tells investors in a research note. The deal is also accretive within 12 months post close in Q2 and substantially accretive starting 2027 given that Amicus is a profitable biotech, Truist notes, adding that the combination having twice the size of greater geographic reach of BioMarin vs. Amicus could drive continued growth into relatively long exclusivity into 2037.