BioMarin downgraded to Market Perform from Outperform at Leerink

Leerink downgraded BioMarin (BMRN) to Market Perform from Outperform with a price target of $60, down from $82. BioMarin’s new leadership has taken decisive actions, including workforce reductions, ending the Roctavian program, restructuring the pipeline, and acquiring Inozyme, which support more credible long-term financial targets, but competitive pressure in achondroplasia and a sizable pipeline gap make future M&A central to the story, leaving uncertainty about whether these steps are enough to drive meaningful upside from here, the analyst tells investors in a research note.