Truist lowered the firm’s price target on BioMarin (BMRN) to $90 from $118 and keeps a Buy rating on the shares. The firm cites “impressive results” from the company’s competitor, Ascendis Pharma (ASND) from the pivotal trial of their TransCon-CNP in achondroplasia, driving Truist to lower its assumed future share of BioMarin’s Voxzogo in achondroplasia from 100% to 40% starting 2032, though this may also “not be the end” pending results of BridgeBio’s (BBIO) infigratinib – an oral FGFR1-3 inhibitor currently in Phase 3 study for achondroplasia, the analyst tells investors in a research note.
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