Acquisition Plans to Fuel BioMarin Pharmaceutical (BMRN), According to Barclays

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) is one of the Best Cheap Stocks to Buy Right Now.

Barclays initiated coverage of BioMarin on January 28, assigning it an “Overweight” rating and a target price of $80. This target price implies a 41.5% upside from the current price. The firm’s analyst notes that the company’s acquisition plans and “strong fundamentals” are key reasons for their overweight call.

Barclays Initiates Coverage on BioMarin Pharmaceutical (BMRN), with an Overweight Call

One of those acquisition targets in the pipeline is Amicus Therapeutics, Inc. BioMarin recently finalized the syndication of a $2 billion senior secured term loan B. The proceeds of the debt will be used, together with an $800 million loan it previously raised and a $600 million revolving credit line, to fund the planned acquisition.

On target prices, CNN’s data show that 21 of 27 analysts (~78%) covering BMRN have a “Buy” rating, with the remaining six (~22%) having a “Hold” recommendation. The median target price is $96.50 (with a high of $122), implying an upside of 70.68% (115.78% if using the highest estimate).

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) is a global biotech company focused on rare genetic diseases, founded in 1997 and headquartered in San Rafael, California.

While we acknowledge the risk and potential of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BMRN and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.