UPDATE: Stifel Nicolaus Upgrades BioMarin Pharmaceutical on Catalysts

Stifel Nicolaus upgraded BioMarin Pharmaceutical Inc.

from Hold to Buy and announced a $67.00 price target. Stifel Nicolaus commented, "We believe anticipation around a YE13 GALNS launch provides a tangible floor in valuation near-term and are increasingly comfortable with PEG-PAL-associated value longer-term. While acknowledging visibility into BMN-701 expansion cohort data remains limited, we believe the pipeline provides multiple additional sources of optionality to drive upside in FY13. We believe the company represents an attractive acquisition candidate near-term while also being one of the few (if any) names that seemingly has a sustainable pathway in place to independently achieve large-cap status longer-term." BioMarin Pharmaceutical closed at $54.08 on Friday.