UPDATE: Piper Jaffray Upgrades BioMarin To Overweight

According to Piper Jaffray, BioMarin Pharmaceutical (NASDAQ: BMRN) is upgraded to Overweight.

Piper Jaffray said that $33 PT based on 37.5x the 2015 EPS ests (previously '14) of $1.93, disc at 30% (increased from 25% to reflect push out in valuation year). “PEG-PAL represents upside to Street estimates, with positive Phase II data in 2H paving the way for BMRN to start recognizing value for this program.”

BioMarin Pharmaceutical closed yesterday at $25.68.