UPDATE: Deutsche Bank Upgrades BioMarin Pharmaceuticals to Buy

Deutsche Bank is out with its report today on BioMarin Pharmaceuticals (NASDAQ: BMRN), upgrading BMRN from Hold to Buy.

In its report, Deutsche Bank writes, "We are upgrading BMRN from Hold to Buy with a $40 TP. This is primarily based on a promising pipeline of enzyme replacement therapies for orphan diseases. This is Biomarin's area of expertise; any emerging products would allow it to leverage its global infrastructure. We expect 3 positive catalysts: PEG-PAL details at R&D Day in Dec '11, then Ph 3 GALNS and Ph 1/2 BMN 701 data, both in H2:12."

Shares of BMRN closed Tuesday at $30.83.