UPDATE: Canaccord Genuity Raises PT to $71 on BioMarin Pharmaceutical on Upcoming Catalysts

Canaccord Genuity maintained BioMarin Pharmaceutical (NASDAQ: BMRN) with a Buy rating and raised the price target from $56.00 to $71.00.

Canaccord Genuity commented, "Given that we view 2013 as a key value inflection point for BMRN's pipeline and did not previously include 5 of the 6 drugs (excludes Vimizim) in our valuation, we conducted physician diligence to analyze each clinical program – resulting in positive feedback and representing additional peak worldwide revenue of $1.7B. We are optimistic on upcoming catalysts: P1/2 BMN-701 data (Pompe) in late March (though we assume a 15% probability of success on conservatism given the high bar); BMN-673 data (cancer) at ASCO (May 31-June 4); clinical progress of PEG-PAL for PKU (P3 initiation in Q2); BMN-111 for achondroplasia (P2 initiation in mid-'13); and BMN-190 for Batten (IND filing in H1)."

BioMarin Pharmaceutical closed at $54.84 on Monday.