H.C. Wainwright lowered the firm’s price target on BioMarin (BMRN) to $50 from $55 and keeps a Neutral rating on the shares. The company’s Phase 3 ENERGY 3 study in ENPP1 deficiency showed that BMN 401 increased plasma inorganic pyrophosphate, but the biochemical effect did not translate into clinical benefit, the analyst tells investors in a research note. As a result, H.C. Wainwright removed BMN 401 from BioMarin’s model.
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