Market Overview

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

Share:
Related BMRN
Benzinga's Top Upgrades, Downgrades For August 17, 2017
Wall Street's M&A Chatter From July 26: Biomarin, Sigma Designs, Colgate-Palmolive, Markel-State National

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.

Latest Ratings for BMRN

DateFirmActionFromTo
Sep 2017RBC CapitalInitiates Coverage OnSector Perform
Sep 2017PiperJaffrayAssumesNeutralOverweight
Aug 2017Evercore ISI GroupInitiates Coverage OnOutperform

View More Analyst Ratings for BMRN
View the Latest Analyst Ratings

Posted-In: Canaccord GenuityAnalyst Color Price Target Intraday Update Analyst Ratings

 

Related Articles (BMRN)

View Comments and Join the Discussion!
Loading...
Loading...