BioMarin upgraded to Outperform from Market Perform at Bernstein

Bernstein upgraded BioMarin to Outperform from Market Perform with a price target of $110, up from $94, ahead of the September 4 investor day. The analyst believes the risk/reward on Voxzogo estimates “skews favorable,” with almost no value in the shares assigned to indications beyond achondroplasia and hypochondroplasia, and a bearish share outlook versus FGFRi’s largely priced in. The firm expects management to lay out a “credible margin expansion path,” including further near-term cost-optimization, which should narrow the gap between buy-side and sell-side operating margin expectations.