BioMarin price target lowered to $90 from $115 at Wells Fargo

Wells Fargo lowered the firm’s price target on BioMarin to $90 from $115 and keeps an Overweight rating on the shares. The firm expects competitive TransCon data along with dosing convenience to shift market share away from Voxogo, leading to its new DCF of $90/share. However, Vox should hold onto meaningful long-term share, making stock look undervalued at current levels, Wells says.