BioMarin price target lowered to $110 from $120 at Guggenheim

Guggenheim lowered the firm’s price target on BioMarin to $110 from $120 and keeps a Buy rating on the shares, citing Roctavian headwinds for its lower target. The FDA approval eliminates a regulatory overhang, but management “needs to expeditiously address the commercial outlook, without which the stock is unlikely to break out above its current trading range,” says the analyst, citing “the glacial pace of payer negotiations.”