BioMarin reinstated with an Outperform at Raymond James

Raymond James analyst Danielle Brill reinstated coverage of BioMarin (BMRN) with an Outperform rating and $79 price target While key growth driver Voxzogo will face some stiff competition sooner than expected in the achondroplasia market with Ascendis Pharma’s (ASND) recent success in Phase 3, the stock is oversold at these levels, the analyst tells investors in a research note. While BioMarin’s outlook is challenged, Raymond James thinks it has hit its floor.