BioMarin price target lowered to $78 from $82 at Citi

Citi lowered the firm’s price target on BioMarin (BMRN) to $78 from $82 and keeps a Buy rating on the shares. The company reported solid Q1 results but looking ahead, investors will start paying attention to competitive pressure from Ascendis’ TransCon CNP as it edges towards FDA approval, the analyst tells investors in a research note. The firm believes this pressure could be mitigated by BioMarin with positive data and a label expansion for Voxzogo in the hypochondroplasia indication.