BioMarin price target lowered to $62 from $66 at RBC Capital
RBC Capital analyst Luca Issi lowered the firm's price target on BioMarin to $62 from $66 and keeps a Sector Perform rating on the shares as part of a broader research note previewing Q2 earnings in Biotech. The biotech sector has picked up considerable momentum, with a near-unprecedented two-week move in June relative to the S&P - driven by strong data expanding innovative spaces and perceptions around improving FDA flexibility/stability - and with outlooks more concretely definable than other high-volatility spaces, capital could continue to flow in, the analyst tells investors in a research note. Q2 earnings are shaping up to be seasonally strong, and with multiple opportunities for beats and the M&A resurgence likely to continue, there is little that would materially derail things, the firm added.
RBC Capital analyst Luca Issi lowered the firm's price target on BioMarin to $62 from $66 and keeps a Sector Perform rating on the shares as part of a broader research note previewing Q2 earnings in Biotech.
The biotech sector has picked up considerable momentum, with a near-unprecedented two-week move in June relative to the S&P - driven by strong data expanding innovative spaces and perceptions around improving FDA flexibility/stability - and with outlooks more concretely definable than other high-volatility spaces, capital could continue to flow in, the analyst tells investors in a research note.
Q2 earnings are shaping up to be seasonally strong, and with multiple opportunities for beats and the M&A resurgence likely to continue, there is little that would materially derail things, the firm added.