UPDATE: Morgan Stanley Upgrades BioMarin Pharmaceutical Inc. (BMRN) to Overweight

Morgan Stanley analyst Matthew Harrison upgraded BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) from Equalweight to Overweight with a price target of $113.00 (from $96.00).

The analyst comments "Voxzogo launch will take BioMarin to profitability and Roctavian will drive upside growth: BioMarin has been challenged by a delayed path to profitability and outsized growth over the last 5 years. This has led to a notable underperformance versus peers, but we believe the strong launch of Voxzogo and lifting of the Roctavian approval overhang can lead to a significant re-rating. On Voxzogo, our physician checks support swiftuptake with strong US penetration driving the initial stages of the launch. Mgt.has guided to $90-115M in 2022sales and we believe there is clear potential to exceed that guidance. Further, the growth opportunity will continue over the next several years with (1) market expansions into Japan and Australia in 2H22; (2) label expansions in patients in ages < 5yrs in US likely in 2023;and (3) lack of competitors in the near future as future achondroplasia therapies are unlikely to be approved through accelerated approval. We believe near-term dynamics with Voxzogo will support BMRN and approval of Roctavian will unlock the full re-rating potential."

For an analyst ratings summary and ratings history on BioMarin Pharmaceutical Inc. click here. For more ratings news on BioMarin Pharmaceutical Inc. click here.

Shares of BioMarin Pharmaceutical Inc. closed at $80.50 yesterday.

You May Also Be Interested In

• New Street Research Upgrades Micron Technology (MU) to Buy
• Intuitive Machines Inc. (LUNR) PT Lowered to $32 at Cantor Fitzgerald, Reaffirms Overweight Rating
• Adeia (ADEA) PT Raised to $50 at BWS Financial