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Stifel Upgrades This Pharma Stock On Prospective FDA Approval For Dwarfism Drug

September 9, 2021 3:23 pm
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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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