BioMarin price target cut to $81 from $92 at Oppenheimer

Oppenheimer analyst Leland Gershell maintained a Perform rating on BioMarin but cut his price target to $81 from $92 following the company’s quarterly results, which fell below the consensus due to modest weakness across its core product offering. Looking ahead, Gershell says he expects a base business with slowing revenue and competitive “clouds” on the horizon for the key pipeline, as well as a lack of visibility on reimbursement prospects for its late-stage gene therapy candidate. He sees shares range-bound as enthusiasm for newly launching products and late-stage candidates is offset by development and commercial concerns.

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