RBC Capital lowered the firm’s price target on BioMarin (BMRN) to $85 from $100 and keeps a Sector Perform rating on the shares. The firm cites Ascendis Pharma (ASND) reporting Phase 3 data for achondroplasia, which hit the primary endpoint point with 1.49 cm/year improvement in annualized growth velocity compared to placebo, along with “clean” safety and benefit for key secondary endpoints, including quality of life. The data suggests that BioMarin is likely to face material competition given Ascendis has a drug that is dosed less frequently – weekly vs daily – and that may offer efficacy generally on par if not directionally better vs Voxzogo, the firm added.
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