Piper Jaffray analyst Christopher Raymond was "incrementally positive" on BioMarin following the news that the FDA is not planning to hold an AdCom for pegvaliase, as he believes this means the FDA is less likely to reject the drug and less likely they are overly focused on the safety of the drug. Raymond maintained an Overweight rating, noting approval of pegvaliase has been slightly derisked. Note that on Wednesday night, Raymond assumed coverage of BioMarin and upgraded the shares to Overweight from Neutral.

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."