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On Monday, Oppenheimer reiterated its Outperform rating on BioMarin Pharmaceutical (TADAWUL:2070) Inc. (NASDAQ:BMRN) while maintaining the $98.00 price target. The firm’s analysts believe that BioMarin’s recent stock performance, affected by market volatility, presents a buying opportunity. This view aligns with InvestingPro analysis, which indicates the stock is currently undervalued, trading at $59.17, significantly below its 52-week high of $94.85. The company maintains a "GREAT" financial health score, supported by strong fundamentals and an impressive 17.97% revenue growth over the last twelve months.
Oppenheimer’s analysis suggests that BioMarin’s exposure to tariffs on manufactured goods is confined to two products, Brineura and Vimizim, which represent 32% of the company’s total revenue projected for 2024. Furthermore, they highlight that only a third of BioMarin’s business is from the US market, indicating a diversified global income stream. This geographic diversification, combined with a robust current ratio of 5.33 and moderate debt levels, positions the company well for stable growth. For deeper insights into BioMarin’s financial metrics and growth potential, investors can access the comprehensive Pro Research Report available on InvestingPro.
The firm stands by its valuation, stating that Friday’s closing price of $59 approximately values the base business and about half of the expected contributions from Voxzogo. This does not account for the potential pipeline, including long-acting CNP, nor does it consider the value of in-licensing/business development expectations or the gene therapy facility.
Trading at 14 times the estimated 2025 non-GAAP P/E, and with earnings per share expected to grow by 22% year-over-year, Oppenheimer points to BioMarin as a defensive option. Analysts suggest that the stock is a relatively non-binary choice within the current risk-off environment and the challenging biotech market.
In other recent news, BioMarin Pharmaceutical Inc. reported a strong fourth quarter for 2024, with revenues of $747 million, surpassing the consensus estimate of $712 million. This financial performance led Oppenheimer to upgrade BioMarin’s stock rating from Perform to Outperform, setting a price target of $98.00. The analysts highlighted BioMarin’s enhanced operational efficiency and strategic investments in research and development as key factors in their positive outlook. Meanwhile, BioMarin’s Phase 3 PEGASUS trial for PALYNZIQ met its primary efficacy endpoint, showing promise in reducing blood phenylalanine levels in adolescents with phenylketonuria (PKU). BioMarin is seeking to expand PALYNZIQ’s label to include adolescents, with detailed trial results to be presented later this year. Additionally, BioMarin announced the appointment of Timothy P. Walbert to its Board of Directors, expanding the board from eleven to twelve members. Walbert’s extensive experience in the pharmaceutical industry is expected to support BioMarin’s strategic vision. Lastly, Citi maintained a Neutral rating on BioMarin’s stock with a price target of $82.00, as the company plans to present new data for its drugs at an upcoming medical meeting.
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