BlackRock 2037 Municipal Target Term Trust (BMN)
NYSE NYSE Primary 
CXA 
BioMarin: Acquisition Of Inozyme Brings Forth Late-Stage ERT BMN 401
BioMarin's revenue growth is strong, with Q2 2025 revenues up 16% year-over-year and full-year guidance raised to $3.125–$3.2 billion. The Inozyme acquisition brings late-stage BMN 401 for ENPP1 deficiency, with pivotal phase 3 data expected in 1H 2026 and potential first-mover advantage. Voxzogo and Palynziq continue to drive growth, with label expansions and new pipeline candidates like BMN 333 poised to further bolster its pipeline.
BMN: Tax-Free Income With Capacity To Leverage Up
BlackRock 2037 Municipal Target Term Trust offers primarily tax-free income through a diversified muni bond portfolio. BMN's modest leverage with the Fed cutting rates puts the fund in a unique position to potentially start adding further leverage. Despite a lower distribution yield compared to some muni peers, BMN has much stronger distribution coverage, suggesting a more sustainable income stream.
