Leerink Cuts BioMarin Pharmaceutical Inc. (BMRN) Price Target to $60, Citing Valuation and Competitive Challenges

Group 1 - BioMarin Pharmaceutical Inc. is recognized as one of the best biotech stocks to buy according to Wall Street analysts, with a focus on developing therapies for severe, life-threatening rare genetic diseases [1][4] - The company is currently implementing a $500 million cost transformation program, which is about two-thirds complete, aiming for a 40% non-GAAP operating margin in the next year, an increase from 19% in 2023 [1] - BioMarin is concentrating on genetically defined conditions with few competitors, highlighting the global rollout of Voxogo in 55 countries and the growth of Palynziq at over 20% annually [2] Group 2 - Analysts at Leerink Partners downgraded BioMarin's stock to Market Perform from Outperform and reduced the price target to $60 from $82, while acknowledging the company's restructuring efforts [3] - The restructuring includes labor force reduction, pipeline reorganization, and the discontinuation of the Roctavian program, alongside the acquisition of Inozyme, which is expected to drive future growth [3] - The company is focused on innovation and speeding up the development of its pipeline to create value for shareholders, despite facing regulatory and competitive pressures [2][3]