BioMarin Pharmaceutical, Inc. (BMRN) One Of Top Picks Of 2010
February 05, 2010 8:58 AM
Analysts Salveen J. Kochnover and Brent Kelly at Collins Stewart have released an update on BioMarin Pharmaceutical, Inc. (NASDAQ: BMRN). Analysts have a Buy rating for the company.
According to analysts, the company remains one of their top picks for 2010 due to an attractive pipeline, strong top-line product growth, and a strong cash position.
The company announced positive preliminary 24-week data from the GALNS P 1/2 study in MPS IV, yesterday. The company also gave details on the intended acquisition of privately held LEAD Therapeutics.
The acquisition will provide BioMarin rights to LT-673, a pre-clinical PARP inhibitor for treatment of rare, genetically defined cancer.
Analysts are encouraged by the GALNS’ demonstrated functional improvements in patients. However, analysts are not convinced about the benefits from the LEAD acquisition. Analysts have a price target of $22 for BioMarin Pharmaceutical, Inc.
