BioMarin Pharmaceutical Inc. (BMRN) PT Lowered to $97 at BMO Capital
BMO Capital analyst David Lebowitz lowered the price target on BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) to $97.00 (from $98.00) while maintaining a Outperform rating.
The analyst commented: "Noonan Exit Sharpens Voxzogo Focus on HCH/ISS With Limited Impact; BioMarin discontinued development of Voxzogo in Noonan syndrome, sharpening its focus on larger expansion opportunities in HCH and ISS. The decision to discontinue the Phase 2 Noonan study was unrelated to the safety or efficacy profile of Voxzogo. Relatively small addressable population of NS provides modest peak-sales opportunity, and impact from the discontinuation is therefore limited. We continue to view BMRN shares as attractively valued given its durable rare-disease franchises, Voxzogo-led growth, expanding commercial portfolio, pipeline optionality, and potential for continued margin expansion."
