UPDATE: Stifel Downgrades BioMarin Pharmaceutical on Appropriate Risk/Reward, Expected Slower Data Flow

In a report published Wednesday, Stifel analyst Stephen Willey downgraded the rating on

from Buy to Hold, and removed the $70.00 price target. In the report, Stifel noted, “We are downgrading shares of BioMarin from Buy to Hold – despite yesterday's largely positive R&D Day event highlighting what looks to be a sustainable pipeline of opportunities for years to come. We believe 1) risk/reward is appropriately priced in ahead of upcoming Vimizim regulatory events; 2) data flow should slow considerably post-ESMO; and 3) ascribing meaningful value to programs for which little/no data exists is required to get incrementally more positive on valuation at these levels.” BioMarin Pharmaceutical closed on Tuesday at $75.96.