Baird has reaffirmed its Neutral rating on BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) and held its price objective at $65.00 following the release of positive clinical results from competitor BridgeBio. The firm noted that the $65 target remains below the stock’s InvestingPro Fair Value estimate, implying potential upside relative to current levels.
BridgeBio announced favorable findings from its pivotal PROPEL3 study evaluating oral infigratinib in patients with achondroplasia, reporting what the company characterized as strong efficacy and safety outcomes. Those results could represent a competitive challenge to BioMarin’s Voxzogo franchise, which requires daily subcutaneous injections. Baird observed, however, that BioMarin’s shares traded relatively flat after the news, suggesting investor reaction was muted.
Key company metrics cited by Baird and others underline BioMarin’s financial strength. The company posted 12.39% revenue growth over the trailing twelve months and carries a Piotroski Score of 9, a measure that indicates robust accounting health. Valuation measures highlighted in recent commentary include a PEG ratio of 0.37 and a P/E of 22.24. Analyst price targets on the name span a range from $60 to $120.
On the competitive timeline, BridgeBio could place an oral alternative to Voxzogo on the market as early as the first half of 2027, contingent on filing a New Drug Application in the second half of 2026 and receiving priority review. Baird also cautioned that infigratinib’s label would likely be limited to older patients, which the firm said could constrain its direct competitive impact against BioMarin’s established treatment.
Beyond clinical developments, BioMarin has taken significant financing steps tied to its pending acquisition of Amicus Therapeutics, Inc. The company priced $850 million of senior unsecured notes due 2034 to help fund the deal. In parallel, it completed the syndication of a $2 billion senior secured term loan "B" facility, which complements an $800 million term loan "A" facility and a $600 million revolving credit facility. These credit arrangements were disclosed as elements of the company’s financing package for the transaction.
Market analysts have reacted to the combination of clinical and corporate news. Canaccord Genuity upgraded its rating on BioMarin from Hold to Buy, citing the Amicus acquisition as a potential catalyst. That firm also boosted its price target to $98.00 from $84.00. Meanwhile, BioMarin announced an executive appointment: Arpit Davé, formerly of Amgen Inc., will serve as Executive Vice President, Chief Digital and Information Officer, overseeing enterprise technology strategy and digital transformation.
The competitive landscape following BridgeBio’s announcement saw movement across several names. The reporting indicated that BioMarin’s competitors, BioMarin and Ascendis Pharma, experienced declines in their share prices after BridgeBio’s achondroplasia results were released.
Bottom line: Baird’s Neutral call and $65 target reflect a view that recent clinical data elevates competitive risk for Voxzogo but does not yet warrant an earnings or rating reset. BioMarin’s financial metrics and the company’s financing actions tied to the Amicus acquisition are material inputs to analysts’ outlooks, while the timing and potential label restrictions for infigratinib are central to gauging how much market share could be at stake.