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Investing.com - Cantor Fitzgerald has reduced its price target on BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) to $80.00 from $90.00 while maintaining an Overweight rating on the stock. The company’s shares, currently trading at $52.45, are near their 52-week low of $51.78. According to InvestingPro analysis, BioMarin appears undervalued, with a perfect Piotroski Score of 9 indicating strong financial health.
The firm updated its financial model for BioMarin ahead of the company’s third-quarter earnings report, incorporating recent management commentary and last week’s in-process research and development (IPR&D) announcement.
The revised price target reflects lowered sales estimates for Voxzogo, one of BioMarin’s key products, according to Cantor Fitzgerald.
Despite the price target reduction, the research firm has maintained its Overweight rating on BioMarin shares, suggesting it still sees potential upside for the biopharmaceutical company.
BioMarin Pharmaceutical specializes in developing therapies for rare genetic diseases and is expected to report its third-quarter financial results in the coming weeks.
In other recent news, BioMarin Pharmaceutical Inc. anticipates a $221 million charge related to its acquisition of Inozyme Pharma, which will impact its third-quarter earnings for 2025. This charge is expected to affect both GAAP and Non-GAAP Diluted EPS by approximately $1.10. Additionally, BioMarin’s drug PALYNZIQ demonstrated a significant 49.7% reduction in mean blood phenylalanine levels in adolescents with phenylketonuria, according to data from a Phase 3 study. In terms of analyst ratings, Oppenheimer has reiterated an Outperform rating for BioMarin, citing the strength of the Voxzogo franchise. Bernstein has raised its price target for BioMarin to $95 following the Inozyme acquisition, maintaining an Outperform rating. Cantor Fitzgerald also reiterated an Overweight rating with a $90 price target, noting BioMarin’s strong performance across its product lines. These developments reflect BioMarin’s strategic moves and product efficacy in the pharmaceutical sector.
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