UPDATE: J.P. Morgan Raises PT on BioMarin Pharmaceuticals to $38

J.P. Morgan is out with its report today on BioMarin Pharmaceuticals (NASDAQ: BMRN), raising its PT from $35 to $38.

In its report, J.P. Morgan writes, "We have an Overweight rating on BMRN and are increasing our December 2012 target to $38 from $35. Our target is primarily based on our proprietary probabilityadjusted scenario analysis (50%) and supported by a risk-adjusted NPV model (25%) as well as a P/E analysis (25%). Considering BioMarin's strong cash position and expected news flow, we do not assign a 'catalyst/liquidity' discount to our valuation."

Shares of BMRN closed Thursday at $33.26.