JPMorgan analyst Jessica Fye lowered the firm’s price target on BioMarin (BMRN) to $110 from $120 and keeps an Overweight rating on the shares. The firm updated its BioMarin and Ascendis models to reflect yesterday’s “clinical de-risking news” as well as increased market share for TransCon CNP in achondroplasia. While there is not an immediate competitive threat in hypochondroplasia to BioMarin from Ascendis Pharma (ASND), JPMorgan is taking an incrementally more conservative approach to its sales estimates for Voxzogo, the analyst tells investors in a research note. The firm is now below BioMarin’s 2027 revenue guidance.
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