UPDATE: Deutsche Bank Raises PT to $59 on BioMarin Pharmaceuticals on Pipeline Outlook

Deutsche Bank maintained BioMarin Pharmaceuticals (NASDAQ: BMRN) with a Hold rating and raises the price target from $45.00 to $59.00.Deutsche Bank analyst Robyn Karnauskas wrote, "Increasing chance of success for BMN-701 for Pompe as company announces regulatory path forward. We conducted a deep-dive (report 2/15/13) on the PARP space & are updating the model to reflect research. We also are adding value for BMN-673 ahead of ASCO meeting in June '13 where we expect positive data. Mgmt has reviewed clinical guidance docs & have a validation plan with regulators. It includes 1) relationship to between other outcomes that are easily recognizable 2) supportive information that shows relationship."BioMarin Pharmaceuticals closed at $60.80 on Tuesday.