BioMarin downgraded to Hold at Stifel on Voxzogo concerns

Stifel analyst Paul Matteis downgraded BioMarin (BMRN) to Hold from Buy with a price target of $61, down from $73. Even from what feels like an “impaired valuation,” it is become harder for the firm to see BioMarin significantly outperforming over the next 12 months, barring a takeout, the analyst tells investors. This is due to competitive concerns for Voxzogo, which are “valid” given key opinion leader checks are “concerning,” underlying Voxzogo growth trends that “aren’t great” even before competition, and the view that the path to actually disproving the bear case is unclear.