UPDATE: Wedbush Reiterates BioMarin Pharmaceuticals at Neutral with $46 PT

Wedbush maintained its Neutral rating and $46 price target on BioMarin Pharmaceuticals

. Wedbush noted, "We have made adjustments to our model projections based on clarity of GALNS approval timing, clarity on geographic distribution of Morquio patients, and initial 2013 R&D guidance of $340-$370 million. The company has already identified about 1,200 MPS IVA patients and they estimate there are about 3,000 patients worldwide, with about 20% in North America and 50% in Europe. Regulatory guidance included potential delays in approval timing due to changes in US and EU processes. We have updated our model with the net effect being that our peak sales estimate was reduced to about $649 million from about $745 million. In addition, our projected full-year profitability is delayed to 2016 from 2014." BioMarin Pharmaceuticals closed at $47.86 on Thursday.