Piper Jaffray analyst Christopher Raymond said following the presentation of longer-term data at the World Federation of Hemophilia that valrox remains "best-in-class" in terms of hemophilia A gene therapy and he believes the weakness in shares of BioMarin seems misplaced. While mean and median F8 levels did moderate from the 78-week data, management is confident based on preclinical experience that F8 activity is approaching a plateau, said Raymond. In terms of safety, prior concerns over F8 overexpression "just evaporated" with no F8 activity above the upper limit of normal in 6E13 vg/kg dose patients, added Raymond, who calls the weakness a buying opportunity and keeps an Overweight rating on BioMarin shares.

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.

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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."