BioMarin price target lowered to $73 from $91 at Stifel

Stifel lowered the firm’s price target on BioMarin (BMRN) to $73 from $91 and keeps a Buy rating on the shares. While calling the overall Q3 print “okay,” the firm says the update was highlighted by BioMarin rescinding formal FY27 revenue guidance of $4B, and instead informally suggesting a $3.65B-$4B range ex-Roctavian following more detailed scenario planning that better accounts for downside cases from competition and/or failure to defend intellectual property in achondroplasia. While stating that this “feels like a 180 from management’s prior steadfast confidence,” the firm adds that the stock already prices in a lot of bad news and arguably already prices in revenues that are more conservative than this new guidance.