Buy Rating Affirmed for BioMarin Pharmaceutical Amidst Strong Earnings and Voxzogo’s Growth Potential

Jack Allen, an analyst from Robert W. Baird, maintained the Buy rating on BioMarin Pharmaceutical (BMRN – Research Report). The associated price target remains the same with $104.00.

Jack Allen has given his Buy rating due to a combination of factors related to BioMarin Pharmaceutical’s performance and strategic initiatives. The company has reported first-quarter financials that aligned with expectations, and importantly, exceeded earnings per share (EPS) estimates. This outperformance on the bottom line is attributed to management’s successful optimization efforts, which also led to increased EPS guidance for the full year. BioMarin’s focus remains on further enhancing profitability, which seems to be a positive sign for future financial health.
Moreover, the company’s commercial drug Voxzogo is identified as a critical growth driver, showing robust year-over-year sales growth and quarter-over-quarter increases as well. The expectations for Voxzogo to become a blockbuster product, alongside efforts to expand its indications, reinforce the stock’s potential. Additionally, the upcoming R&D day is anticipated to clarify pipeline strategies, which could serve as a catalyst for the stock. This suggests a solid foundation for BioMarin’s stock growth, justifying Allen’s Buy rating.

In another report released on April 24, Cantor Fitzgerald also assigned a Buy rating to the stock with a $110.00 price target.

Based on the recent corporate insider activity of 72 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BMRN in relation to earlier this year.

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BioMarin Pharmaceutical (BMRN) Company Description:

BioMarin Pharmaceutical, Inc. is a biotechnology company, which engages in the development and commercialization of therapies for people with serious and life-threatening rare diseases and medical conditions. Its pipeline include Vosoritide (BMN 111) for Achondroplasia and Valoctocogene Roxaparvovec (BMN 270) for Hemophilia A. The company was founded by John C. Klock, Christopher M. Starr and Grant W. Denison on March 21, 1997 and is headquartered in San Rafael, CA.