BioMarin Presents ~20% Upside Amid Voxzogo's Success and Slow Roctavian Uptake, Analyst Says
Portfolio Pulse from Vandana Singh
BMO Capital Markets has upgraded BioMarin Pharmaceutical Inc (BMRN) to Outperform from Market Perform, maintaining the price target at $102. The FDA recently approved BioMarin's Roctavian gene therapy for adults with severe hemophilia A. However, the analyst expects Roctavian's uptake to be slower than consensus expectations. The analyst also highlighted the success of Voxzogo's launch in Achondroplasia as a significant growth driver for BioMarin. Meanwhile, recent data from BridgeBio Pharma Inc (BBIO) suggests that Infigratinib can gain significant market share in Achondroplasia.
July 05, 2023 | 7:42 pm
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POSITIVE IMPACT
BridgeBio Pharma's Infigratinib is expected to gain significant market share in Achondroplasia, according to recent data.
The positive data on Infigratinib and its potential to gain significant market share in Achondroplasia is likely to have a positive impact on BridgeBio Pharma's stock in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
BioMarin's stock has been upgraded by BMO Capital Markets due to the success of Voxzogo and the potential upside from Roctavian. However, Roctavian's uptake is expected to be slower than consensus expectations.
The upgrade by BMO Capital Markets, coupled with the success of Voxzogo and the potential upside from Roctavian, is likely to have a positive impact on BioMarin's stock in the short term. However, the slower than expected uptake of Roctavian could limit this positive impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100