UPDATE: Piper Jaffray Reiterates Overweight Rating, Raises PT on BioMarin Pharmaceutical on Positive Trial Results

In a report published Wednesday, Piper Jaffray analyst M Ian Somaiya reiterated an Overweight rating on BioMarin Pharmaceutical

, and raised the price target from $64.00 to $70.00. In the report, Somaiya noted, “BioMarin announced positive results from POM-001, the Phase I/II trial of BMN-701 in Pompe disease and confirmed its intention to advance ‘701 into Phase II/III by YE13. Overall, we believe the data are positive, with patients achieving meaningful improvements in pulmonary function and greater proportion of super responders in 6MWD. However, we believe the bar for success was relatively low, given go/no-go criteria outlined on the 4Q call and Myozyme's modest efficacy. Additionally, we note some variability in the data including lack of change in select pulmonary function measures (FVC). Despite Myozyme's modest efficacy, 2012 sales were ~$600mn and we believe that despite some disappointment with BMN-701 results, sales could at least be similar. We believe these data also represent a de-risking event for shares. We remain Overweight and are increasing our PT to $70 from $64 on lower discount rate (8% vs. 9%) following positive clinical data.” BioMarin Pharmaceutical closed on Tuesday at $60.76.