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UBS has raised its price target for BioMarin (BMRN) to $106 from $104, maintaining a Buy rating following a strong quarterly performance and improved guidance. The firm believes the enzyme replacement therapy business justifies the current share price and sees potential in BMN333, set to enter clinical trials in early 2025, as a key value driver for expanding indications.
Vanguard Group Inc. now holds 18,117,108 shares of BioMarin Pharmaceutical, valued at $1.58 billion, after acquiring 67,046 additional shares. Other institutional investors, including Avoro Capital Advisors and Dimensional Fund Advisors, have also increased their stakes, with 98.71% of the stock owned by such entities. BioMarin's stock has a "Moderate Buy" rating, with a consensus price target of $96.52, despite recent trading down 4.1% to $67.02.
BioMarin Pharmaceutical reported a strong Q3 performance, with total revenue reaching $745.74 million, a 28% increase year-over-year. The growth was driven by Voxzogo, a treatment for pediatric dwarfism, which saw a 54% rise in product revenue to $190 million, benefiting over 3,800 children. Net income surged to $106 million, more than double from the previous year, while operating expenses rose to $631.84 million. CEO Alexander Hardy expressed optimism about the company's new strategy focused on innovation and growth.
Several biopharma companies are implementing significant layoffs as part of restructuring efforts to extend their cash runways. Ovid, Lexicon Pharmaceuticals, Acelyrin, and FibroGen are among those reducing their workforce, with layoffs ranging from 33% to 75% of their staff. These moves follow disappointing clinical trial results and strategic shifts in focus, aiming to optimize resources and ensure continued funding for research and development.
The FDA has approved Pfizer's Hympavzi for treating hemophilia A and B in patients aged 12 and older without inhibitors. This weekly injection reduces the activity of tissue factor pathway inhibitor, enhancing blood clotting. Hympavzi offers a new treatment option alongside gene therapies and other factor replacement drugs, showing superior results in lowering bleeding rates.
BioMarin Pharmaceutical Inc.
Companies
| Symbol | BMRN |
| Name | BioMarin Pharmaceutical Inc. |
| Currency | USD |
| Sector | Health Care |
| IndustryGroup | Pharmaceuticals, Biotechnology & Life Sciences |
| Industry | Biotechnology |
| Market | NASDAQ Global Select |
| Country | United States |
| State | CA |
| City | San Rafael |
| Zipcode | 94901 |
| Website | http://www.biomarin.com |
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
BioMarin price target increased as solid quarter boosts investor confidence
12:33 31.10.2024
vanguard and other investors increase stakes in biomarin pharmaceutical stock
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biomarin reports strong revenue growth driven by pediatric dwarfism treatment
00:54 30.10.2024
biopharma companies announce significant layoffs amid restructuring and disappointing trial results
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