Piper Jaffray Overweight on BioMarin Pharmaceutical (BMRN
Piper Jaffray is out with a research report on BioMarin Pharmaceutical (NASDAQ: BMRN) and it has an Overweight rating and a $43 price target on shares.
In a note to clients, Piper Jaffray writes, "We hosted meetings with the CEO and CFO of BioMarin that provided clear evidence that the company's investments in R&D are beginning to pay off. BioMarin has one of the deepest Orphan drug pipelines with GALNS in Phase III trials for MPS IV syndrome, a $750mn opportunity and PEG-PAL in Phase II trials for PKU, a $300-400mn opportunity. It was clear from our meetings that management and investors alike were enthusiastic about these programs as well as an earlier stage asset, BMN-701 for Pompe's disease, which has the potential to be BioMarin's biggest drug, with peak sales in excess of $1bn. The prospects for all three drugs to launch in the 2013-2015 time period and for current revenues to more than triple on sales of GALNS alone, keeps BMRN one our favorite names."
Shares of BMRN gained 18 cents on Friday to close at $31.87, a gain of 0.57%.
