Here is Why BioMarin (BMRN) is Projected to Rally

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) is one of the 10 best stocks that recently issued new debt.

On March 11, Bank of America Securities reduced its price target on BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) from $97 to $85. The firm maintained a Buy rating on the stock, which now yields an adjusted upside of almost 54% despite the downward revision.

Likoper/Shutterstock.com

The firm stated that more cautious assumptions in the Voxzogo-franchise tail caused it to lower its outlook for the pro-forma entity. This comes prior to the conclusion of BioMarin’s acquisition of Amicus Therapeutics Inc. (NASDAQ:FOLD), scheduled during the second quarter.

Back on February 26, Whitney Ijem from Canaccord Genuity maintained her Buy rating on BioMarin Pharmaceutical Inc. (NASDAQ:BMRN). The analyst also increased her price target from $98 to $104, leading to an upside potential of 88% at the prevailing level.

Ijem noted that the company’s fourth-quarter results included a slight top-line beat but were otherwise uneventful. This followed the announcement around the company’s acquisition of Amicus Therapeutics Inc. (NASDAQ:FOLD), and its investor conference that took place in January.

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) develops and commercializes targeted therapies for life-threatening medical conditions and rare genetic diseases. Some of its major products include VIMIZIM, VOXZOGO, NAGLAZYME, and ALDURAZYME. The company operates in more than 70 countries and currently has many drugs in the development stage.

While we acknowledge the risk and potential of 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.

READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years.

Disclosure: None. Follow Insider Monkey on Google News.