BioMarin Initiated with a Buy at Canaccord Genuity

Canaccord Genuity analyst Michelle Gilson initiated coverage with a Buy rating on BioMarin (NASDAQ: BMRN) yesterday and set a price target of $101. The company’s shares closed yesterday at $88.70.

Gilson wrote:

“We are initiating coverage of BMRN with a BUY rating and a $101 price target. We like the set-up into 2019, and we also view current levels as skewed toward negative outcomes around: 1) Pegvaliase’s PDUFA on 2) hemophilia A gene therapy competitor data. While early-stage pipeline has been an overhang for investors, gene therapy as a platform may be underappreciated. We anticipate potential initial data from PKU gene therapy could come as soon as YE19, given a quick dose escalation guided by BioMarin’s ValRox experience, which could bring a gene therapy platform into valuation.”

According to TipRanks.com, Gilson is ranked #522 out of 4800 analysts.

Currently, the analyst consensus on BioMarin is Strong Buy and the average price target is $118.67, representing a 33.8% upside.

In a report issued on May 7, Leerink Partners also reiterated a Buy rating on the stock with a $145 price target.

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The company has a one-year high of $100.03 and a one-year low of $75.81. Currently, BioMarin has an average volume of 1.3M.

Based on the recent corporate insider activity of 111 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of BMRN in relation to earlier this year. Last month, Jean Jacques Bienaime, the CEO of BMRN bought 1,000 shares for a total of $14,390.

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BioMarin Pharmaceutical, Inc. is a biotechnology company, which develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its products include BioMarin, Brineura, Firdapse, Kuvan, Naglazyme, and Vimizim.