BioMarin (BMRN) PT Raised to $200 at BofA Securities, Added to US 1 List

BofA Securities analyst Geoff Meacham raised the price target on BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) to $200.00 (from $120.00) while maintaining a Buy rating. The stock has also been added the stock to the US 1 List, removing Pfizer (NYSE: PFE) and PayPal (NASDAQ: PYPL).

Meacham sees 2023 setting up to transformational for the company. The stock was added to the US 1 List on 1) likely US approval of Roctavian (hemophilia A; PDUFA date: March 31) and subsequent initial adoption and 2) label expansion + broader WW rollout of Voxzogo (achondroplasia). Historically, investors have taken a skeptical view on BioMarin given concerns on Roctavian’s approvability / worries over the Voxzogo launch.

The analyst sees a clearer line of sight into Roctavian’s approvability following: a) EU approval (see our report on EU approval), b) FDA’s decision to not host an AdComm, and c) FDA approval of UniQure/ CSL’s Hemgenix, a gene therapy for hemophilia B (without an AdComm).

"Given its regulatory history, many investors won't view Roctavian as de-risked until FDA approval (we model 99% LoS), but it’s hard to ignore the upside from a ~$2M curative intent therapy in a larger orphan indication," the analyst commented.

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