Stifel Upgrades This Pharma Stock On Prospective FDA Approval For Dwarfism Drug
- Stifel has upgraded BioMarin Pharmaceutical Inc's (NASDAQ:BMRN) to Buy from Hold with a price target of $96, up from $86.
- After the stock's "significant underperformance" since August 2020, analyst Paul Matteis is expecting a turnaround with potential Vosoritide FDA approval and a "strong launch after that."
- Related Content: Drug For Short-Limbed Dwarfism From Biomarin Wins European Approval.
- Matteis is optimistic about the approval of Vosoritide even though its "regulatory history is a little scary."
- After re-reading the panel transcript and speaking with key opinion leaders, he thinks Vosoritide will more likely than not be approved.
- If approved, BioMarin shares will initially go up but continue to grind higher into the launch, Matteis tells investors.
- Price Action: BMRN shares are up 4.30% at $80 during the market session on the last check Thursday.
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