UPDATE: Jefferies Raises PT on BioMarin Pharma to $38

Jefferies is out with its report today on BioMarin Pharma (NASDAQ: BMRN), raising its PT from $35 to $38.

In its report, Jefferies writes, "With several key clinical data readouts in next 12 months from its rich pipeline, we view BMRN as well positioned for significant upside from current levels. We derive our PT from an NPV analysis showing a fair value/share of approximately $38 (was $35) for BMRN shares."

Jefferies maintains Buy on BMRN.

At the time of posting, shares of BMRN were trading at $33.29, down 0.33% from Friday's close.