SunTrust analyst Edward Nash lowered his price target on BioMarin to $117 after its "tough Q4 and less inspiring 2019 guidance", saying all of the company's products except for Palynziq performed worse than expected. The analyst cites Latin America seasonal ordering patterns among the likely culprits, adding that the next potential catalyst for BioMarin - the June release of Phase I/II Study of Valrox - could also see a "downward trend of Factor VIII activity levels." Nash keeps his Buy rating on the shares longer term, stating that BioMarin's R&D competencies and a "strong sales force in Orphan markets will continue to provide strong revenue growth and durable barriers to entry".