Deutsche Bank Starts BioMarin Pharmaceutical Inc. (BMRN) at Buy
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Deutsche Bank initiates coverage on BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) with a Buy rating and a price target of $106. Analyst Andrew Peters sees a clear path to profitability.
"We view BioMarin as a core holding in mid-cap biotech and see significant upside potential over the next 12mos driven by both continued commercial execution and clinical progress. With 3 new products expected to launch over the next 3-5 years, as well as an earlier-stage pipeline that includes additional potential blockbuster programs (with near-term read-outs), we believe the company is set up well for outperformance. Further, given the current environment and push for external sources of growth, we view BioMarin as a top strategic target in biotech, but view the potential number of suitors are far smaller than many of its smaller-cap peers," said the analyst.
Shares of BioMarin Pharmaceutical Inc. closed at $80.90 yesterday.
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