UBS Analysts Might've Found Another BioMarin Catalyst

In a report published Friday, UBS analyst Andrew Peters maintained a Buy rating on BioMarin Pharmaceutical Inc BMRN, with a price target of $155, after survey data revealed high optionality on BMN270.

Peters said that an analysis of the trends in the Hemophilia market revealed that both patients and caregivers appeared excited about new technologies that offered better safety and improved dosage, along with features like bleed control.

The survey data suggested that nearly half of the patients would be willing to adopt a gene therapy product within two years after its launch, Peters added.

Although no clinical data for BMN270 was available so far, pre-clinical data showed restoration of Factor VIII in plasma sufficient to support normal clotting levels in humans. The UBS report added that the technology was licensed from University College in London, which had published "encouraging clinical data in Hern B."

BioMarin Pharmaceutical was expected to provide initial data on BMN270 in 1H16 and Peters expects "meaningful upside" in the event of a "positive read out."