Is BioMarin Pharmaceutical Inc. (BMRN) the Ridiculously Cheap Stock to Buy Now?

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) is among the ridiculously cheap stocks to buy now. As of December 26, BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) has a ‘Buy’ rating from 74% of the analysts covering the stock. The gap between the high and consensus low price targets is also wide: the consensus 1-year median price target implies 57.63% upside, while the high price target implies over 100% upside, and the lowest price target implies a mere 0.08% upside.

On December 23, Joon Lee from Truist lifted the price target on BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) to $100 from $80, while keeping a ‘Buy’ rating on the stock, according to TheFly. This represented an upside potential of 67% from the current price.

This upward revision in price target follows BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)’s proposed acquisition of Amicus Therapeutics, which Truist believes will align with the company’s focus on rare diseases. Amicus’s lead candidates, Galafold and PomOp, complement the company’s current offerings.

Truist noted that the acquisition will likely be accretive within approximately 12 months following the deal close in the latter half of next year, and will be largely accretive from 2027 onward. The analyst also highlighted that Amicus is already a profitable biotech name. Since there are potential synergies between the two companies, each of the acquired drugs is expected to achieve approximately $1 billion in peak sales, with additional pipeline options offering further expansion opportunities, the analyst concluded.

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) is a California-based biotechnology company specializing in therapies for serious rare diseases and medical conditions. Founded in 1996, the company offers VIMIZIM, VOXZOGO, NAGLAZYME, and PALYNZIQ.

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