BioMarin’s stock tumbles 6% after sharing data about experimental hemophilia A drug

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Shares of BioMarin Pharmaceuticals Inc. tumbled 6.6% in trading on Monday, the day after the company shared positive findings from a Phase 3 clinical trial evaluating the experimental drug Roctavian as a treatment for adults with severe hemophilia A. The Food and Drug Administration in August requested two years of follow-up data about the drug, a decision that effectively pushed back the possibility of approval to November 2021. Wall Street analysts said the data is “encouraging;” however, RBC Capital Markets Kennen MacKay also noted that he expected a mixed market reaction to the full set of clinical data. “While we’re impressed by the two-year durability data with optimism that this can improve as patients are treated with superior steroid regimens later in the trial mature, we anticipate continued debate despite this clinical de-risking,” he told investors on Monday. The late-stage study had 134 participants. BioMarin’s stock is down 7.6% over the last year, while the S&P 500 is up 17.5%.
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