BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) is likely one of the 11 finest debt-free shares to spend money on proper now. On July 2, Morgan Stanley analyst Sean Laaman initiated protection on BioMarin with a Purchase score and a $97 worth goal, citing a positive outlook regardless of ongoing aggressive issues.
Laaman’s optimism facilities on Voxzogo, BioMarin’s remedy for achondroplasia, a uncommon dysfunction affecting bone development. Whereas Ascendis Pharma’s TransCon CNP may pose competitors as a result of its longer half-life, Laaman notes that it nonetheless faces key challenges, together with ongoing patent litigation. Importantly, he believes buyers could also be underestimating Voxzogo’s broader potential, significantly in different indications similar to hypochondroplasia.
An in depth up {photograph} of a vial of a brand new biotechnological drug candidate in growth.
The analyst additionally pointed to the CANOPY medical program, which is evaluating Voxzogo in situations linked to SHOX gene mutations, as a promising path for additional label growth. In Laaman’s view, this pipeline optionality will not be totally mirrored in BioMarin’s present valuation.
Buying and selling close to a 10-year low, the inventory seems to already account for a lot of the perceived dangers. Given the power of Voxzogo’s present efficiency, growth potential, and an underappreciated pipeline, Laaman sees a compelling upside case for BioMarin shares from present ranges.
BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) is a biotechnology firm that develops and commercializes therapies for uncommon ailments and medical situations worldwide.
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