BioMarin price target lowered to $95 from $98 at Oppenheimer

Oppenheimer lowered the firm’s price target on BioMarin (BMRN) to $95 from $98 and keeps an Outperform rating on the shares following quarterly results. The firm notes the next quarter should be busy with news flow, with Phase 3 top-line readouts in hypochondroplasia and in ENPP1 deficiency along with the Amicus (FOLD) acquisition close. And, with BMN 351 having shown impressive dystrophin increases, more detailed Phase 1/2 data next month could begin to bring this asset into valuation. With 2025 operating cash flow generation of $828M, Oppenheimer continues to view Biomarin as undervalued.