Wedbush Maintains Neutral, $34 Target on BioMarin Pharmaceuticals

In a published note, Wedbush reiterates its Neutral rating and $34 target price on BioMarin Pharmaceutical Inc. BMRN as the company announces GALNS 2 trial testing initiation. Wedbush comments, “GALNS gross peak annual sales potential could reach $600-900 million. With successful clinical development and regulatory approval, we anticipate launch could occur in 2013. The company has already identified over 900 MPS-IV patients and there are about 3,000 patients estimated worldwide.” BMRN closed at $33.42 per share on Tuesday.