BioMarin price target lowered to $86 from $110 at Barclays

Barclays lowered the firm’s price target on BioMarin (BMRN) to $86 from $110 and keeps an Overweight rating on the shares. While Ascendis Pharma’s (ASND) TransCon CNP appeared to pose significant threat to BioMarin’s Voxzogo, Barclays’ analysis suggests likely 3-4 years of market erosion before long acting BMN-333 enters the market, with limited development risk and potentially a better clinical profile, the analyst tells investors in a research note. The firm says BioMarin’s strong intellectual property suggest a likely settlement or 15%-18% royalty.