Barclays softens views on five biopharma firms

|By:, SA News Editor

Barclays' Geoff Meacham has downgraded BioMarin Pharmaceutical (BMRN -1.4%), Johnson & Johnson (JNJ -0.5%), Seattle Genetics (SGEN -0.2%), United Therapeutics (UTHR -4.1%) and Vertex Pharmaceuticals (VRTX -0.9%) to Equal Weight from Overweight.

He trimmed BMRN's price target to $105 (21% upside) from $125 citing "moderating growth and an overall lack of catalysts in 2017."

J&J's price target was sliced to $125 (11% upside) from $130 due to a "less compelling risk/reward profile."

SGEN's fair value target was lowered to $53 (21% downside risk) from $70 due to valuation.

UTHR's price target was revised to $100 (21% downside risk) from $115 citing the likely impact of Uptravi on Orenitram uptake.

He lowered Vertex's price target to $90 (5% upside) from $100 citing the lack of upside for Kalydeco and Orkambi.