BioMarin initiated with a Neutral at Citi

Citi analyst David Lebowitz initiated coverage of BioMarin with a Neutral rating and $116 price target. While the company is a "pioneering developer" of therapies for rare diseases and has two potential blockbusters in Voxzogo and Roctavian in early launches, its recent progress and expected 2023 achievements are priced into the shares, the analyst tells investors in a research note. The firm expects investors to focus on launch cadence of both therapies, with a 2023 Roctavian FDA approval "being essential to meeting Street expectations."