BioMarin initiated with a Market Perform at BMO Capital

BMO Capital analyst Kostas Biliouris initiated coverage of BioMarin with a Market Perform rating and $107 price target. Biomarin’s base business is strong and will continue to grow but Valrox commercial uptake will be slow given the high non-responder rate and limited durability of effect, the analyst tells investors in a research note. The firm says BioMarin’s valuation multiples suggest the shares are fairly valued.