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BMRN

BioMarin

$84.14

3.25 (4.02%)

06:42
06/18/19
06/18
06:42
06/18/19
06:42

BioMarin remains 'high conviction long-term idea' at JPMorgan

After hosting a call with the company's CEO Jean-Jacques Bienaime and Head of R&D Hank Fuchs, JPMorgan analyst Cory Kasimov says BioMarin remains a "high conviction long-term idea." The analyst highlights the company's orphan-focused, "diversified" base business, "growing" commercial portfolio, and "potentially disruptive" late-stage pipeline. The analyst notes that BioMarin management does not believe the company is are getting enough credit for its pipeline opportunities and that investor concerns around competitive risks are overblown. Kasimov reiterates an Overweight rating on BioMarin shares with a $133 price target.

BMRN BioMarin
$84.14

3.25 (4.02%)

05/28/19
PIPR
05/28/19
NO CHANGE
Target $120
PIPR
Overweight
BioMarin initial selloff on valrox data 'wholly misplaced,' says Piper Jaffray
Piper Jaffray analyst Christopher Raymond recommends using this morning's weakness in shares of BioMarin as a buying opportunity. The stock in premarket trading is now little changed after selling off earlier in the morning. The initial premarket reaction to year three Phase 1/2 data and initial Phase 3 data for valrox is "wholly misplaced," Raymond tells investors in a research note. Specifically, with mean F8 levels going from 36.4 IU/dL at year two to 32.7 IU/dL at year three, and median going from 26.2 IU/dL to 19.9 IU/dL, the bear scenario 10-15 IU/dL is "off the table," says the analyst. He believes that while some investors "appear to be nitpicking" management's characterization of a plateau, the plateau is "exactly what we have here." Raymond expects BioMarin shares to recover this morning's conference call and he keeps an Overweight rating on the name with a $120 price target.
05/28/19
FBCO
05/28/19
NO CHANGE
Target $133
FBCO
BioMarin data alleviates valrox durability overhang, re-awakens M&A, says Credit Suisse
Credit Suisse raised its price target for BioMarin (BMRN) to $133 from $131, while nudging up valrox Probability of Success to 75% from 65%. The firm thinks the valoctocogene roxaparvovec data largely alleviates the valrox durability overhang and re-awakens an M&A thesis on BioMarin on the value of its gene therapy platform. The company's de-risked Phase 3 valrox program and established mfg infrastructure put the company's gene tx assets in the valuation range up to that established by the AveXis (AVXS) and Spark Therapeutics (ONCE) transactions, Credit Suisse contends.
05/28/19
COWN
05/28/19
NO CHANGE
Target $150
COWN
Outperform
BioMarin shares undervalued, valrox 'appears viable,' says Cowen
Cowen analyst Phil Nadeau continues to view shares of BioMarin Pharmaceutical as undervalued following this morning's data update. He keeps an Outperform rating on the name with a $150 price target. The Phase I/II data suggest sufficient durability and the interim Phase III should support an FDA filing, Nadeau tells investors in a research note. As such, the analyst believes valrox "appears viable."
06/10/19
CANT
06/10/19
NO CHANGE
Target $131
CANT
Overweight
BioMarin hemophilia A potential larger than anticipated, says Cantor Fitzgerald
Cantor Fitzgerald analyst Eliana Merle says her survey of 25 hemophilia A prescribers suggests the market opportunity for BioMarin's valrox program is larger than appreciated. Current share levels assume valrox is roughly a ~$500M peak opportunity, Merle tells investors in a research note, citing her math. However, the penetration rates expected by the physicians in the survey suggest a "much-larger" peak opportunity of $1.5B-plus, adds the analyst, citing her estimates. She thinks the survey results suggest there may be a "meaningful disconnect" in investor and physician perspectives on valrox. Merle keeps an Overweight rating on BioMarin with a $131 price target.

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