Goldman Sachs Cuts BioMarin Pharmaceutical Inc. (BMRN) to Neutral on Lack of Catalysts

Goldman Sachs downgraded BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) from Buy to Neutral with a price target of $84.00 (unchanged). Analyst Navdeep Singh pointed to a lack of near-term catalysts.

"We are downgrading BMRN to Neutral from Buy, as we see limited near-term catalysts that would unlock material value. We maintain our $84, 12-month price target, which represents 14% upside to the current share price. For now, within our emerging biotech coverage universe, we see greater near-term upside in MDVN (Nasdaq: MDVN), GEVA (Nasdaq: GEVA), PCYC (Nasdaq: PCYC), and NPSP (Nasdaq: NPSP) (we refer readers to our report Gattex and Natpara are both underappreciated; initiate at Buy). At the same time, we continue to believe fundamentals of BMRN remain strong and believe the company should be positioned as a long-term holding," said Singh.

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 $73.93 yesterday.

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