UPDATE: Canaccord Genuity Raises PT to $56 on BioMarin Pharmaceutical on Value Inflection Outlook

Canaccord Genuity reiterated its Buy rating on BioMarin Pharmaceutical

and raised its price target from $52 to $56. Canaccord Genuity noted, "We believe BMRN is at a key value inflection point as it enters 2013: a launch (GALNS), potential for three P3 programs (PEG-PAL in PKU, BMN-673 [PARP] in cancer and BMN-701 in Pompe) and clinical progress with two other drugs (BMN-190 in Batten disease [IND filing] and BMN-111 in achondroplasia enters P2), with details at the R&D day on Dec. 6 (highlighting ‘673 P1/2 data). While we are raising our price target to $56 (from $52), we note none of the pipeline ex-GALNS is included in our estimates – suggesting significant upside. BioMarin Pharmaceutical closed at $37.41 on Friday.