Leerink Cuts BioMarin Pharmaceutical Inc. (BMRN) Price Target to $60, Citing Valuation and Competitive Challenges

Biomarin Pharmaceutical Inc. (NASDAQ:BMRN) is one of the best biotech stocks to buy according to Wall Street analysts. On November 18, BioMarin Pharmaceutical (NASDAQ:BMRN) presented at the Jefferies London Healthcare Conference, where CEO Alexander outlined progress on the company’s $500 million cost transformation program, now about two-thirds complete, and announced a goal of reaching a 40% non-GAAP operating margin next year, up from 19% in 2023.

He said BioMarin is concentrating on genetically defined conditions with few competitors, pointing to the continued global rollout of Voxogo, now available in 55 countries, and the ongoing growth of more than 20% a year for Palynziq. He also highlighted progress on BMN 351 for Duchenne muscular dystrophy and the upcoming Phase 3 readouts for hypochondroplasia and Voxogo. While noting lingering regulatory and competitive pressures, Alexander stressed that the company remains focused on innovation, speeding up development of its pipeline, and creating value for shareholders.

Meanwhile, on December 3, analysts at Leerink Partners downgraded the stock to a Market Perform from Outperform and cut the price target to $60 from $82. Despite the downgrade, the research firm echoed the company’s restructuring drive that entails labor force reduction, pipeline reorganization, and the discontinuation of the Roctavian program. The research firm has also echoed the acquisition of Inozyme, expected to drive future growth.

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) is a global biotech company focused on developing and commercializing therapies for severe, life-threatening rare genetic diseases by leveraging genetics to create transformative treatments.

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Disclosure: None. This article is originally published at Insider Monkey.