CRL for Kyndrisa Already Priced into BioMarin (BMRN) Shares, Leerink Says; Trims PT to $149

Leerink lowers its price target on Outperform-rated BioMarin (Nasdaq: BMRN) from $167 to $149 after the company received a Complete Response Letter from the FDA with respect to Kyndrisa.

Analyst Joseph P. Schwartz sees the CRL already priced into BioMarin shares and commented: We are updating our model to completely remove US sales for Kyndrisa, while maintaining a probability-weighted royalty stream from SRPT (MP) eteplirsen until its decision on 2/26. At the BMRN R&D day (4/20), mgmt. will provide updates on other candidates we believe could reignite enthusiasm including BMN190 (CLN2/Batten's disease), BMN701 (Pompe disease), vosoritide (achondroplasia), and BMN270 (hemophilia A), among others.

For an analyst ratings summary and ratings history on BioMarin Pharmaceutical Inc. click here. For more ratings news on BioMarin Pharmaceutical Inc. click here.

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