What Happened?
Shares of biotech company BioMarin Pharmaceutical (NASDAQ: BMRN) jumped 3.3% in the afternoon session after the company agreed to acquire Alesta Therapeutics, a clinical-stage biotech company.
According to a company press release, BioMarin will pay $275 million upfront with up to $215 million in additional payments tied to development and regulatory milestones. The deal gives BioMarin access to Alesta's main asset, ALE1, a potential oral therapy for the rare genetic bone disease hypophosphatasia, as reported by Investing.com.
The acquisition was met with mostly positive reactions from Wall Street analysts, according to Investing.com. Barclays raised its price target on BioMarin to $111 from $105, and Piper Sandler lifted its target to $88 from $82, with both firms maintaining their Overweight ratings. However, not all analysts were as optimistic; H.C. Wainwright analyst Mitchell Kapoor lowered the firm's price target to $59 from $60, while maintaining a Neutral rating, as per StreetInsider.
The shares closed the day at $69.33, up 3.5% 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 4 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 previous big move we wrote about was 9 days ago when the stock gained 2.6% on the news that 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.
BioMarin Pharmaceutical is up 16.9% since the beginning of the year, and at $69.47 per share, it is trading close to its 52-week high of $70.24 from August 2026. 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 $929.12.
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