Piper Sandler maintained its overweight rating on BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) with a price target of $88, following virtual meetings with the company’s management during the week.
The firm’s reiteration comes amid discussions on BioMarin’s revenue trajectory, pipeline advancements, and competitive positioning in rare disease treatments. Piper Sandler’s valuation multiple for BioMarin is approximately 10 times its consensus and the firm’s estimated non-GAAP earnings per share for fiscal year 2027.
BioMarin’s stock closed at $65.61 on Aug. 25, down 0.77% or $0.51, after trading at $65.83 earlier in the session. The company’s market capitalization stands at $12.7 billion.
The analyst’s outlook is supported by BioMarin’s product portfolio, including Voxzogo for achondroplasia and Galafold for Fabry disease, as well as its global commercial infrastructure. Piper Sandler noted that supply constraints affecting Sanofi’s Pompe disease therapies could create a short-term migration opportunity for BioMarin’s Pompe drug, PomOp, though the duration and financial impact remain uncertain.
BioMarin’s pipeline expansion includes the acquisition of Alesta Therapeutics for $275 million in cash, with additional milestone and regulatory payments of up to $215 million. The deal brings Alesta’s lead asset, ALE1, targeting hypophosphatasia, a rare genetic bone disorder. The company is also prioritizing BMN 820, an experimental therapy in development.
Other analysts have adjusted their price targets for BioMarin. Canaccord Genuity raised its target to $114 from $111, while H.C. Wainwright reduced its target to $59. BMO Capital maintained its target at $98. BioMarin’s revenue and earnings projections for fiscal years 2026 and 2027 were also discussed during the meetings, with upgrades noted for total revenue, Voxzogo revenue, and non-GAAP diluted EPS estimates for fiscal 2026.
