BioMarin upgraded to Outperform from Market Perform at BMO Capital

BMO Capital analyst Kostas Biliouris upgraded BioMarin Pharmaceutical to Outperform from Market Perform with an unchanged price target of $102. The firm believes its thesis of slow Roctavian uptake is materializing, as reflected in Roctavian’s slow European launch and FDA label restrictions. However, at the stock’s current valuation, Roctavian “constitutes an upside opportunity” as it is largely not priced in, the analyst tells investors in a research note. Moving forward, BMO expects Biomarin’s base business to provide downside protection while positive updates around Voxzogo growth and Roctavian dosing “will drive upside.” As such, it believes BioMarin’s risk/reward is now skewed to the upside.