BioMarin price target lowered to $87 from $115 at Stifel

Stifel lowered the firm’s price target on BioMarin (BMRN) to $87 from $115 and keeps a Buy rating on the shares. The firm is reducing its price target to reflect positive TransCon-CNP data, as it views the drug as clinically equivalent for Voxzogo. Based on the firm’s key opinion leader, or KOL, call, it now models substantial switching when Ascendis Pharma (ASND) attains approval, the analyst tells investors. BioMarin’s stock setup has become “significantly trickier,” though the firm argues at a price “not that far above our valuation for the legacy business” that the skew is upside-biased as it still thinks Voxzogo, even with minority share in Achondroplasia, can be a roughly $600M worldwide sales drug in 2033.