BioMarin Pharmaceutical (BMRN) PT Lowered to $94 at Oppenheimer, Analysts Awaits "Better Conviction on Potential Stock Drivers"

Oppenheimer analyst Leland Gershell lowered the price target on BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) to $94.00 (from $95.00) while maintaining a Perform rating, following the company's Q1 report.

The analyst comments: "For 1Q22, BMRN reported revenue of $519M (+7% Y/Y), threading our/cons estimates of $527/509M, and non-GAAP income of $105M (~flat Y/Y). Key items of investor focus this year continue to be Voxzogo's launch, which has been broadly strong out of the gate (guidance raised to $100-125M from $90-115M), and potential EU and US Roctavian approvals in mid/3Q and 4Q, respectively. Within the early gene therapy pipeline, Phase 1/2 dosing of BMN 331 has begun while BMN 307 will remain on clinical hold for several more quarters pending non-clinical study results. Although we do not see BMRN as expensive, we remain on the sidelines as we await better conviction on potential stock drivers."

By Vlad Schepkov

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