According to a recent research summary from Stifel, BioMarin Pharmaceutical Inc. BMRN is deserving of an upgrade.
Analysts Stephen Willey and Prakhar Verma began, “While acknowledging this isn't the easiest of environments for upgrading stocks, we do believe sector valuations are now approaching a level whereby a longer-term viewpoint requires some consideration.”
The Upgrade To Buy And Justification
While the analysts admitted to being “quite unsuccessful” anticipating bottoms within the biotech sector thus far in 2016, they cited particular scenarios as incrementally decreasing their concerns regarding market timing, and thus supporting their upgrade on the company to Buy. These scenarios include:
The analysts added that visibility of this potential pipeline peak should “meaningfully improve over the coming months.”
Furthermore, due to upcoming data flow from both management and analysts over the next few months, Stifel feels “it's an appropriate time […] to become incrementally more-constructive.”
The firm currently has a $105 price target on BioMarin.
At the time of this writing, BioMarin was up 4.81 percent on the day at $73.45.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.