BioMarin initiated with a Sector Perform at Scotiabank

Scotiabank initiated coverage of BioMarin with a Sector Perform rating and $95 price target. The biotech firm with a legacy enzyme replacement therapy business, including six commercial products for five indications, has “captured investor attention” with recent portfolio diversification with a peptide drug approved for achondroplasia, Voxzogo, and a gene therapy approved in severe hemophilia A, Roctavian, but the “focus on gene therapy has not been easy,” the analyst tells investors.