What Happened?
Shares of biotech company BioMarin Pharmaceutical (NASDAQ: BMRN) jumped 2.6% in the morning session after an analyst at Canaccord Genuity raised the company's price target to $114 from $111 and maintained a "Buy" rating.
The positive revision followed BioMarin's strong second-quarter 2026 earnings report. The company's revenue growth was driven by the addition of products from the recently closed Amicus acquisition.
Following the strong results, BioMarin raised its fiscal 2026 guidance for total revenue, Voxzogo revenue, and non-GAAP diluted earnings per share. The analyst's price target increase indicates a positive outlook on the company's potential for growth, supported by its ongoing developments in therapies for rare genetic diseases.
The shares were trading at $65.91, up 3.3% from the previous close.
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What Is The Market Telling Us
BioMarin Pharmaceutical’s shares are not very volatile and have only had 3 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
The biggest move we wrote about over the last year was 8 months ago when the stock gained 19% on the news that the company announced it agreed to acquire Amicus Therapeutics for approximately $4.8 billion in an all-cash deal. The transaction valued Amicus at $14.50 per share, which represented a 33% premium to its last closing price. The acquisition expanded BioMarin's position as a leader in rare diseases by adding two marketed treatments, Galafold and Pombiliti-Opfolda, to its portfolio. Investors reacted positively as the move was expected to accelerate revenue growth and boost earnings per share within the first year after closing. The deal also received unanimous approval from the boards of directors of both companies, signaling strong support for the merger.
BioMarin Pharmaceutical is up 10.9% since the beginning of the year, and at $65.91 per share, it has set a new 52-week high. Despite the year-to-date gain, investors who bought $1,000 worth of BioMarin Pharmaceutical’s shares 5 years ago would now be looking at only $857.19.
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