BioMarin Shares Remains Low Despite Promising Drug Test in Cancer

In a report published on Monday, Leerink analyst Joseph Schwartz noted that

announcement of its full Phase 1/2 data on poly ADP-ribose polymerase (PARP) inhibitor BMN 673 for the treatment of solid tumors showed good responses in BRCA cancer and breast cancer patients. Schwartz reiterated BioMarin with an Outperform rating and a price target of $70.00. In the announcement, BioMarin said that drug response rates in patient exceeded 30% threshold, this might be an underestimate because many patients haven't received the maximum tolerated dose. According to Bloomberg data, BioMarin has 17 buy ratings and 7 holds. Prior to today, shares of the its stock gained 27 percent YTD. Shares are down about 7.6 percent today.