UPDATE: Jefferies Reiterates Buy Rating, Raises PT on BioMarin Pharmaceutical as BMN-701 Moves Forward

In a report published Wednesday, Jefferies analyst Eun K. Yang reiterated a Buy rating on BioMarin Pharmaceutical

, and raised the price target from $65.00 to $70.00. In the report, Yang noted, “On decent Ph1/2 data, BMRN makes a go decision for BMN-701 for Pompe disease - positive. However, to us, it's uncertain if BMN-701 is indeed superior to Lumizyme; planned Ph2/3 single-arm, switching study (subject to FDA discussion) makes it difficult to compare efficacy. While not as exciting, even at comparable efficacy to Lumizyme, we continue to view BMN-701 has reasonable commercial potential (Lumizyme with ~$610M in FY12 sales).” BioMarin Pharmaceutical closed on Tuesday at $60.76.