Cantor Fitzgerald analyst Eliana Merle reiterates an Overweight rating on BioMarin with a $131 price target following the company's Q1 results. The analyst continues to see a "highly favorable" risk/reward ahead of key pipeline updates over the next 12 months. For investors, the company's hemophilia A gene therapy valrox is more of a show-me story, which is why the update in June is important, although at this point somewhat of an overhang, Merle tells investors in a research note. However, the analyst continues to think there is much more to the BioMarin story than valrox. She sees upside as investor focus turns to its additional pipeline programs.

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."