BridgeBio data remove overhang for BioMarin, says Wells Fargo

Wells Fargo says BridgeBio’s (BBIO) 12 month and 18 month AGV data from the from Phase 2 PROPEL 2 trial “seems impressive,” but also thinks the achondroplasia data are “an overhang removal event” for BioMarin (BMRN) investors. BridgeBio’s data are “competitive,” but BioMarin’s lead and safety could keep them ahead, contends the analyst, who would add to positions ahead of the analyst event coming in September. Wells has an Overweight rating and $110 price target on BioMarin shares.