Canaccord Genuity Believes BioMarin (BMRN) Still Has Room to Grow


In a report released today, Michelle Gilson from Canaccord Genuity maintained a Buy rating on BioMarin (NASDAQ: BMRN), with a price target of $105. The company’s shares opened today at $100.11, close to its 52-week high of $100.69.

Gilson said:

“We view this as a potential route to approval for ValRox with an interim look at factor levels in GENEr8-1. In addition to the hemophilia A gene therapy draft guidance, five other draft guidance documents were published, including one regarding CMC and another regarding long-term follow-up. Finalization of the guidance documents are expected around YE18, following commentary. Accelerated approval pathway: Factor activity may be considered as a surrogate endpoint, in line with expectations; however, the recommendation for target factor activity level to be in normal range is surprising and underappreciated for the ValRox program. The draft guidance identifying factor activity as a surrogate endpoint for primary efficacy assessment is in-line with expectation and commentary from hemophilia gene therapy companies.”

Gilson has an average return of 12.0% when recommending BioMarin.

According to TipRanks.com, Gilson is ranked #548 out of 4838 analysts.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for BioMarin with a $116.30 average price target.

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The company has a one-year high of $100.69 and a one-year low of $75.81. Currently, BioMarin has an average volume of 1.35M.

Based on the recent corporate insider activity of 106 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.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.

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