BioMarin initiated with a Hold at Canaccord

Canaccord analyst Whitney Ijem initiated coverage of BioMarin with a Hold rating and $119 price target. BioMarin has reached its key profitability inflection point and Ijem has "little doubt" that management will successfully control costs while at the same time growing the top line. However, looking towards 2023 catalysts, the biggest focus will be the regulatory decision for BioMarin’s hemophilia A gene therapy Roctavian and Ijem thinks risk is skewed to the downside as she already models in approval and launch this year.