Stifel analyst Stephen Willey said BioMarin's better than consensus forecast for its FY18 revenue keeps him confident in the fundamentals of its base business, though the "increasingly measured" commentary from management around pegvaliase's regulatory path/labeling and subsequent launch trajectory reinforces his lack of confidence in his longer-term pegvaliase estimates. He contends that the May 25, 2018 PDUFA date for pegvaliase has become of "heightened importance for investors," Willey told investors earlier. He lowered his price target on BioMarin shares to $102 from $105, largely to reflect a shallower pegvaliase launch trajectory, but keeps a Buy rating on the stock.