Analysts Are Cutting Price Targets of These 5 Stocks

In this article, we discuss the 5 stocks receiving price-target cut from analysts. If you want to see more such stocks on the list, go directly to Analysts Are Cutting Price Targets of These 10 Stocks.

05. BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Number of Hedge Fund Holders: 56

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) specializes in advancing and distributing treatments designed for individuals grappling with severe and potentially fatal uncommon illnesses and medical conditions. BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) main business market includes specialty pharmacies and hospitals, as well as distributors and pharmaceutical wholesalers across the United States, Europe, Latin America, and other global regions.

Whitney Ijem, an analyst at Canaccord Genuity, has chosen to maintain a Hold rating on BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) as of July 3.  However, there has been an adjustment to the price target, which has been revised from $110 to $104. The updated price target reflects a revised expectation for the stock’s future value. Also, in a research report released on July 3, Guggenheim lowered the target price for BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) from $120 to $110.

Aristotle Atlantic Large Cap Growth Strategy made the following comment about BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in its Q1 2023 investor letter:

“BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) develops drugs with a focus on rare disease treatments. Its portfolio consists of several commercial products and multiple clinical and preclinical product candidates for the treatment of various diseases. The company’s Vimizim, Naglazyme and Aldurazyme drugs treat versions of the life-threatening genetic condition mucopolysaccharidosis (MPS), caused by a rare enzyme deficiency that prevents patients from metabolizing certain complex carbohydrates. Another drug, Kuvan, is approved to treat enzyme deficiency phenylketonuria (PKU). Additional medicines include Brineura and Palynziq.

We see BioMarin, anchored by their durable enzyme-based therapies, poised to grow from new indications, primarily Voxzogo, the first-approved treatment for Achondroplasia, and Roctavian, a drug awaiting FDA approval for the treatment of Severe Hemophilia A, with gene therapy and the ability to address a large chronically managed patient population. Additionally, the company has an early pipeline outside of these major indications in rare diseases within the usculoskeletal/metabolic, hematology, cardiovascular and CNS therapeutic focus areas.”