Opco downgrades BioMarin to Perform after Roctavian survey

Oppenheimer analyst Leland Gershell downgraded BioMarin to Perform from Outperform without a price target after surveying European and U.S. hematologists to gather their perspective on Roctavian. Although specialists in both geographies were generally enthusiastic for the gene therapy entrant and anticipated appreciable use in their eligible hemophilia A patients over time, they expressed some reservations toward early adoption, driven mainly by concerns around "limited and unpredictable durability of benefit as well as around paucity of long-term follow-up data," the analyst tells investors in a research note. The firm expects gradual adoption and downgraded BioMarin following the stock’s 30% rally off the November’s lows.