UPDATE: Jefferies Raises PT to $46 on BioMarin Pharmaceutical Ahead of GALNS Data

Jefferies reiterated its Buy rating on BioMarin Pharmaceutical

and raised its price target from $44 to $46. Jefferies said, "Our experts discussions indicate probability of successful GALNS Ph3 for Morquio A syndrome (MPS IV) at ~60%-85%. If successful, we forecast ~25-30% upside from current levels (& BMRN will likely continue to trade up on additional pipeline potential). BMRN expects GALNS BLA filing in 1Q13, with potentially regulatory approval by 4Q13. We forecast GALNS to turn BMRN to profitability, with peak annual sales potential of ~$500M." BioMarin Pharmaceutical closed at $38.87 on Tuesday.