Oppenheimer Shines Light on BioMarin Pharmaceutical Inc. (BMRN) Following FDA Advisory Meeting for Kyndrisa
Oppenheimer analyst Christopher Marai came out today with a few insights on BioMarin Pharmaceutical Inc. (NASDAQ:BMRN), after attending the FDA advisory meeting for Kyndrisa, the company’s treatment for Duchenne muscular dystrophy, which was no less than disaster, according to the analyst.
In trading Wednesday, BioMarin shares fell 1.78% to close at $96.06.
Marai commented, “The panel was ultimately a disaster, dominated by a difficult discussion on sub-standard statistics and failed trial results that repeatedly resurfaced during the panel discussions among what appeared to be confused panel members. BMRN and key opinion leader discussion focused primarily on basic trial data, not discussion more relevant to DMD subsetanalysis, patient heterogeneity or clinical outcome measures as we anticipated. Dr. McDonald and Dr. Goemans made note of surprising clinical benefit observed in their practices; however, this positive commentary was drowned out by questioning of discordant data sets across trials. Furthermore, public commentary was mixed. Positive patient outcomes were encouraging, but some highlighted switching from drisapersen to SRPT’s eteplirsen due to AE’s.”
The analyst maintained a Perform rating on BioMarin shares, with a price target of $115, which implies an upside of 20% from current levels.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Christopher Marai has a total average return of 25.6% and a 61.6% success rate. Marai is ranked #24 out of 3641 analysts.
Out of the 19 analysts polled by TipRanks, 15 rate Biomarin Pharmaceutical stock a Buy, while 4 rate the stock a Hold. With a return potential of 58%, the stock’s consensus target price stands at $151.44.