BioMarin price target raised to $83 from $74 at Wedbush

Wedbush analyst Andreas Argyrides raised the firm’s price target on BioMarin to $83 from $74 and keeps a Neutral rating on the shares. The analyst notes that on Jan. 8, BioMarin reported 3-year Phase 3 GENEr8-1 results for ROCTAVIAN/HemA and on January 9, provided updates at an investor conference. The 3-year Phase 3 GENEr8-1 results were in-line with expectations as 92% of study participants remained prophylaxis free at the end of 3-year along with encouraging safety that is likely to assuage regulators’ concerns. With U.S. approval expected on either the PDUFA date of March 31, 2023 or post-major amendment, the focus shifts to the commercial opportunity where Argyrides remains conservative based on his KOL checks compared with Management’s optimistic revenue projections of $4B-$5B by mid-decade half of which is expected to come from VOXZOGO and ROCTAVIAN. While he is "impressed" by VOXZOGO’s growth to date, he continues to monitor the trajectory over the next year to better support the implied level of growth by the company.