BioMarin price target lowered to $80 from $85 at BofA

BofA analyst Jason Zemansky lowered the firm’s price target on BioMarin (BMRN) to $80 from $85 and keeps a Buy rating on the shares after the company announced the Phase 3 topline results for BMN401 in ENPP1 deficiency with mixed results on the co-primary endpoints. Given a lack of corresponding clinical improvement despite biomarker benefit, the firm thinks it is prudent to remove its risk-adjusted BMN401 forecast from its model, which reduces its price target and trims its 2027-28 topline and EPS forecast by 1%, the analyst tells investors.