BMO Capital Upgrades BioMarin Pharmaceutical Inc. (BMRN) to Outperform, 'Current Valuation Skews Risk/Reward to Upside'

BMO Capital analyst Kostas Biliouris upgraded BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) from Market Perform to Outperform with a price target of $102.00.

The analyst comments "We believe that our thesis of a (s)low Roctavian uptake is materializing, as reflected in Roctavian's slow EU launch and FDA label restrictions. However, at this valuation (-25% since we initiated coverage here), we believe that Roctavian constitutes an upside opportunity as it's largely not priced in. Moving forward, we expect Biomarin's base business to provide downside protection while positive updates around Voxzogo growth and Roctavian dosing will drive upside. Therefore, we think BMRN's risk/reward is now skewed to the upside and upgrade BMRN to Outperform; target remains at $102."

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 $85.89 yesterday.

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