Morgan Stanley analyst Sean Laaman lowered the firm’s price target on BioMarin (BMRN) to $98 from $104 and keeps an Overweight rating on the shares. Management rescinded FY27 guidance, previously set at $4B, due to potential competition from Ascendis TransCon CNP, aligning more with consensus of $3.65B, notes the analyst, who believes a competitor to Voxzogo must launch before investors become constructive on the shares. However, the firm argues that the stock “appears a compelling value” given Street forecasts and the company’s balance sheet capacity.
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