Canaccord lowered the firm’s price target on BioMarin (BMRN) to $111 from $116 and keeps a Buy rating on the shares. The firm updated its model following the news the Ph3 study of Voxzogo hit its primary and secondary endpoints and results showed that children treated with Voxzogo had an improvement in AGV (annualized growth velocity) of +2.33 cm/yr at Week 52 -higher than what Voxzogo demonstrated in its achondroplasia Ph3 study (+1.57 cm/yr) and highly encouraging for expansion into this new indication.
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