In a report published Thursday, Wedbush analysts maintained a Neutral rating on BioMarin Pharmaceutical Inc. BMRN, with a price target of $104.
The company is to report its 1Q15 results on April 30. The analysts expect the company to report its total revenue, GAAP net income and EPS GAAP figures in-line with consensus.
In the report Wedbush noted, "We anticipate a potential announcement about completing the NDA submission for drisapersen. Recall the company anticipated completing the NDA and MAA submission for drisapersen by the end of April and summer, respectively. With a projected submission completion date of April 30, we anticipate potential announcement of FDA acceptance of the NDA by June 29 and potential receipt of the filing review issues letter (74-Day letter) by July 13."
Since drisapersen is a new drug, the 74-Day letter may indicate the requirement of an advisory committee meeting.
"BMRN is trading at a premium to comparable stocks," the analysts said, while adding, "If BMRN was trading in-line with peers, the stock price would only be about $30.8."
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