BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) is highlighted as one of the 11 best debt-free stocks to invest in right now by Morgan Stanley. Analyst Sean Laaman initiated coverage on BioMarin with a Buy rating and a $97 price target on July 2, citing a favorable outlook despite competitive concerns.

Laaman’s optimism is centered on BioMarin’s therapy for achondroplasia, Voxzogo, which faces competition from Ascendis Pharma’s TransCon CNP. Despite competition, Laaman believes investors may be underestimating Voxzogo’s potential, especially in other indications like hypochondroplasia. The CANOPY clinical program evaluating Voxzogo in conditions linked to SHOX gene mutations is seen as a promising path for label expansion.

Trading near a 10-year low, BioMarin’s stock appears to already factor in most risks. Laaman sees a compelling upside case for BioMarin shares due to Voxzogo’s performance, expansion potential, and an underappreciated pipeline. BioMarin Pharmaceutical Inc. is a biotechnology company focused on developing therapies for rare diseases and medical conditions worldwide.

Read more at Yahoo Finance: Morgan Stanley Sees Rebound Potential in BioMarin (BMRN), Highlights Underappreciated Voxzogo Upside