BioMarin price target lowered to $115 from $130 at BofA

BofA analyst Jason Zemansky lowered the firm’s price target on BioMarin (BMRN) to $115 from $130 and keeps a Buy rating on the shares after Ascendis Pharma (ASND) announced top-line results from ApproaCH, its pivotal trial of TransCon CNP for achondroplasia. The data were “solid,” comparing favorably against BioMarin’s Voxzogo, though “somewhat less so” to BridgeBio’s (BBIO) infigratinib, the analyst tells investors. Cross-trial comparison are “admittedly challenging here, and there’s arguably much to hash out over the regulatory/commercial side of things” before it becomes clear to what extent TransCon CNP can capture share, but once weekly administration is a clear advantage over Voxzogo’s daily injectable, especially in young children, of BofA “would not be surprised if it becomes a key part of the discussion between parents and their providers,” the analyst said. The firm argues that TransCon CNP’s potential impact to BridgeBio “was always likely to be less,” given a differing mechanism of action and oral formulation, BofA added.