UPDATE: Jefferies Raises PT on BioMarin Pharmaceutical as BMN-701 Moves Forward
In a report published Wednesday, Jefferies analyst Eun K. Yang reiterated a Buy rating on BioMarin Pharmaceutical (NASDAQ: BMRN), and raised the price target from $65.00 to $70.00.
In the report, Yang noted, “On decent Ph1/2 data, BMRN makes a go decision for BMN-701 for Pompe disease - positive. However, to us, it's uncertain if BMN-701 is indeed superior to Lumizyme; planned Ph2/3 single-arm, switching study (subject to FDA discussion) makes it difficult to compare efficacy. While not as exciting, even at comparable efficacy to Lumizyme, we continue to view BMN-701 has reasonable commercial potential (Lumizyme with ~$610M in FY12 sales).”
BioMarin Pharmaceutical closed on Tuesday at $60.76.
Latest Ratings for BMRN
|Dec 2014||JP Morgan||Maintains||Overweight|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.