BMO Capital analyst Kostas Biliouris maintained a Buy rating on BioMarin Pharmaceutical (BMRN – Research Report) yesterday and set a price target of $115.00.
Kostas Biliouris has given his Buy rating due to a combination of factors related to BioMarin Pharmaceutical’s performance and future expectations. One key point is the performance of Voxzogo, which has exceeded market expectations, particularly in younger patient demographics, and is positioned to be a significant driver of year-over-year growth in 2024. Despite Roctavian’s less-than-anticipated revenue in 2023, the expectations for the following year are modest, and Biliouris believes that BioMarin has the potential to meet or surpass them. The company’s product revenue alignment with consensus forecasts and conservative guidance for 2024 also support the potential for stable growth.
Furthermore, management’s prioritization of Voxzogo as a leading product, the anticipation of new data that could expand its use, and the strategic review of the pipeline suggest a focus on efficiency and profitability. The anticipated discontinuation of most gene therapy programs as part of this review is seen as a positive step towards streamlining operations. Biliouris considers the current stock price an attractive entry point and sees the expansion indications for Voxzogo as highly valuable, with a strong probability of success, reinforcing the rationale for a Buy rating.
Biliouris covers the Healthcare sector, focusing on stocks such as Alnylam Pharma, BioMarin Pharmaceutical, and Ionis Pharmaceuticals. According to TipRanks, Biliouris has an average return of 8.7% and a 54.21% success rate on recommended stocks.
In another report released today, Piper Sandler also maintained a Buy rating on the stock with a $107.00 price target.
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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.
Read More on BMRN:
- BioMarin Reports Record Financial Results for the Fourth Quarter and Full-year 2023 and Provides Financial Guidance for 2024
- BMRN Earnings this Week: How Will it Perform?
- Elliott Management bought BioMarin and Etsy during Q4, exited Arm
- BioMarin to present positive data on Roctavian durability at EAHAD Congress
- BioMarin reports Jeffrey Ajer to step down as Chief Commercial Officer
