BioMarin price target lowered to $90 from $116 at Bernstein

Bernstein analyst William Pickering lowered the firm’s price target on BioMarin to $90 from $116 and keeps an Outperform rating on the shares. The firm is lowering its terminal market share for Voxzogo in achondroplasia to 30% vs. prior 50%, with proportional reductions to its forecasts for other indications. Bernstein’s new Voxzogo peak sales are $1.5B, which breaks out as 35% ACH, 30% HCH and 35% other indications.