Baird Downgrades BioMarin Pharmaceutical Inc. (BMRN) to Neutral

Baird analyst Jack Allen downgraded BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) from Outperform to Neutral with a price target of $72.00 (from $104.00).

The analysts comment: "BridgeBio (BBIO, not covered) expects to provide updated data from its ongoing study of oral infigratinib in achondroplasia, in early June. Based on the strength of the early data from infigratinib, we view BridgeBio's program as a meaningful competitive threat to Voxzogo's (daily subcutaneous injection) growth prospects, and hence anticipate these data will have key read-throughs to investor
sentiment surrounding BioMarin. With this context in mind, we're downgrading to Neutral ahead of the update from the infigratinib program."

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

Shares of BioMarin Pharmaceutical Inc. closed at $76.97 yesterday.

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