BridgeBio data incrementally negative for BioMarin, says Bernstein

Bernstein analyst William Pickering keeps a Market Perform rating on BioMarin Pharmaceutical (BMRN) with a $91 price target after BridgeBio (BBIO) reported 12 and 18 month follow up data for infigratinib in achondroplasia. BioMarin has traded down 7% over the past month, largely attributable to negative sentiment on readthrough from this data to Voxzogo’s long-term market share, the analyst tells investors in a research note. The firm believes infigratinib’s annualized height velocity increase is at the high end or above expectations, while the proportionality signal is a positive surprise for BridgeBio and negative for BioMarin. The proportionality data is incrementally negative for BioMarin and would be a significant label advantage if proved out, contends Bernstein. It believes BridgeBio’s data “looks best-in-class.”