5 Biotech Stocks With The Biggest Upside

1. BioMarin Pharmaceutical Inc. (NYSE:BMRN)

Number of Hedge Fund Holders: 62    

BioMarin Pharmaceuticals Inc. (NYSE:BMRN) develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. On November 23, BioMarin Pharmaceutical Inc. announced advancements in the US Food and Drug Administration (FDA) review of the Biologics License Application of ROCTAVIAN (valoctocogene roxaparvovec AAV gene therapy) for adults with severe hemophilia A.

On November 29, Jefferies analyst Akash Tewari maintained a Buy rating on BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) stock and raised the price target to $120 from $100, noting that 80 patients in Germany may begin taking Roctavian once it is available, which would indicate sales well above predicted by the Street for fourth quarter 2022 to second quarter 2023.

At the end of the third quarter of 2022, 62 hedge funds in the database of Insider Monkey held stakes worth $3.1 billion in BioMarin Pharmaceuticals Inc. (NYSE:BMRN), compared to 59 in the previous quarter worth $2.9 billion.

In its Q2 2021 investor letter, Carillon Tower Advisers, an asset management firm, highlighted a few stocks and BioMarin Pharmaceuticals Inc. (NYSE:BMRN) was one of them. Here is what the fund said:

“BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) rose as the company announced a new approval in Japan for its drug to treat achondroplasia (dwarfism), and investors may have become more optimistic regarding its therapy for hemophilia following a positive opinion from European drug regulators. The drug is pending approval and has been delayed by the U.S. Food and Drug Administration to collect more data.”

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