UPDATE: UBS Securities Reiterates On BioMarin Pharmaceutical On Path To Long-Term Upside

In a report published Thursday, UBS Securities analyst Andrew Peters reiterated a Buy rating on

, and raised the price target from $87.00 to $112.00. In the report, UBS Securities noted, “We see BioMarin as a top pick in biotech heading into 2015, with a well-defined catalyst path that could drive the stock 50%+ on data alone as well as fuel M&A speculation on an attractive orphan drug franchise with realistic and sustainable long-term growth prospects. In this note we walk through why we think $150+ could be a realistic ‘blue skies scenario' establishing where the stock could go on positive readouts from each of the major catalysts over the next 12-18mos. Further, we view today's analyst day as helpful to set the bar (and timing) for each major program and consider the two announced delays (PEG-PAL, BMN-701) as having little impact on the longer-term opportunity. We are maintaining our Buy rating and raising our PT to $112 as we now include (risk-adjusted) revenue from the drispersen program in our model.” BioMarin Pharmaceutical closed on Wednesday at $91.40.