UPDATE: Nomura Reiterates Buy Rating, Raises PT on BioMarin Pharmaceutical on Positive Preliminary BMN-190 Data

In a report published Wednesday, Nomura analyst Ian Somaiya reiterated a Buy rating on

, and raised the price target from $114.00 to $116.00. In the report, Nomura noted, “We are increasing our TP on BMRN to $116 following the release of positive preliminary Phase I/II data from BMN-190, in development for the treatment of CLN2, a late infantile form of Batten Disease. In the study, all nine patients with at least six months of treatment demonstrated evidence of disease stabilization for motor and language function versus natural history controls. These data increase our confidence that full Phase I/II results will be positive when the trial reads out in 4Q15 and support our higher probability of success estimate of 67% (was 20%). We continue to see the next 12-15 months as a data rich period for BioMarin, with five mid- to late-stage pipeline readouts that we believe could provide visibility into >$2bn in potential revenues and support our belief that BioMarin's top line could double over the next four years. BioMarin remains our top mid-cap pick for 2015.” BioMarin Pharmaceutical closed on Tuesday at $97.13.