BioMarin near-term impact from Ascendis data overblown, says Citi

Citi believes data from BioMarin’s (BMRN) ongoing CANOPY trial for the treatment of achondroplasia and other skeletal dysplasia at the International Skeletal Dysplasia Society meeting support Voxzogo’s treatment benefit for patients beyond just improvements in annualized growth velocity, with improvements in health-related quality of life as well as increased bone length while maintaining bone strength. The firm highlights the recent pressure to BioMarin shares following Ascendis Pharma’s(ASND) topline ApproaCH readout, which raised questions regarding the evolution of the achondroplasia market. In reality, the commercial outlook for Voxzogo is unlikely to change substantially in the next couple of years, at least until Ascendis broadens the age range to include younger patients, contends Citi. Plus, BioMarin remains far ahead in most other potential areas for label expansion, the firm adds. It keeps a Neutral rating on BioMarin with a $93 price target.