Oppenheimer Initiates a Hold Rating on BioMarin (BMRN)


Oppenheimer analyst Leland Gershell initiated coverage with a Hold rating on BioMarin (BMRN) today and set a price target of $92. The company’s shares opened today at $94.94.

Gershell commented:

“We are initiating coverage of BMRN with a Perform rating and $92 price target. Investor focus is on current launches (Brineura, Palynziq) and increasing toward Phase 3 assets (ValRox, vosoritide). While ValRox’s clinical experience supports eventual registration, we await longer term follow-up for better visibility on its and competitors’ commercial prospects. We see vosoritide as an attractive first-in-class drug for the large achondroplasia market, but arrival of earlier stage competitor with potential user advantages could cause early growth trajectory to be short-lived. At the same time that Palynziq penetration may occur faster than expectations, the size of Brineura’s market opportunity may underwhelm. We see shares as range- bound given lack of clarity on future growth prospects, and note high peer-relative EV/revenue multiple.”

According to TipRanks.com, Gershell is ranked 0 out of 5 stars with an average return of -10.4% and a 26.1% success rate. Gershell covers the Healthcare sector, focusing on stocks such as Avenue Therapeutics Inc, Evofem Biosciences Inc, and AzurRx BioPharma Inc.

Currently, the analyst consensus on BioMarin is a Strong Buy with an average price target of $123.33.

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Based on BioMarin’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $12.62 million. In comparison, last year the company had a GAAP net loss of $12.53 million.

Based on the recent corporate insider activity of 122 insiders, corporate insider sentiment is neutral on the stock. 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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