Leerink analyst Joseph Schwartz lowered his price target for BioMarin to $107 from $111 following the company's announcement that it will de-prioritize development of its BMN701 for Pompe disease and will not pursue any clinical development in-house. Cutting losses early should support BioMarin reaching break-even/profitability by 2017, the analyst tells investors in a research note. Schwartz reiterates an Outperform rating on the shares.

These names in the biotech sector are seeing a substantial increase in search activity today, as determined by InvestingChannel. They include: Heron Therapeutics (HRTX),... To see the rest of the story go to thefly.com. See Story Here

Canaccord analyst Whitney Ijem lowered the firm's price target on BioMarin to $89 from $91 and keeps a Hold rating on the shares. The firm noted investor focus remains on the bigger announcements/greater clarity that is expected at the company's September investor day rahter than the day's headline surrounding Roctavian struggles and the company's trimmed pipeline expenses.

Scotiabank raised the firm's price target on BioMarin to $85 from $83 and keeps a Sector Perform rating on the shares following model adjustments. While the company's enzyme business remains stable, in-line Voxzogo results and a struggling Roctavian franchise has led the firm to maintain its rating on the stock.

Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSImpinj (PI) up... To see the rest of the story go to thefly.com. See Story Here

Consensus for FY24 EPS is $1.65. Still sees FY24 revenue $2.7B-$2.8B, consensus $2.77B.

Reports Q1 revenue $649M, consensus $651.79M. "During the quarter, execution across our business led to double digit revenue growth, on a constant currency basis, and an 18% increase in non-GAAP diluted EPS. At the same time, we made rapid progress on advancing our strategic priorities for the year, including accelerating and maximizing the VOXZOGO opportunity, focusing R&D on the most productive assets, and increasing profitability," said CEO Alexander Hardy. "We were pleased with the outcome of our strategic R&D asset review, resulting in the acceleration and prioritization of the most potentially impactful medicines for patients...Quarterly results were driven by strong demand for VOXZOGO, the only approved treatment for children with achondroplasia, and solid contributions from our established enzyme products...Our registration-enabling plans with VOXZOGO in hypochondroplasia, and ongoing discussions with health authorities to align on development plans for idiopathic short stature and pathway conditions are on-track, with all three studies expected to begin enrollment this year."