Bernstein raised the firm’s price target on BioMarin to $93 from $80 and keeps a Market Perform rating on the shares. BioMarin has a much better setup than in 2023, but the firm would like to see further clarity on the company’s strategy before considering an upgrade. With Elliott now involved, Bernstein believes M&A is the most likely driver of outperformance, if any. The firm would not be surprised to see continued Voxzogo beats, but doesn’t think it’s enough on its own to move the stock.
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