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

Stifel has upgraded BioMarin Pharmaceutical Inc's 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.

Overview Rating:

Speculative

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