Wedbush: BioMarin Pharma Still Worth $104/Share

In a report published Thursday, Wedbush analysts maintained a Neutral rating on

, with a price target of $104. The company is to report its 1Q15 results on April 30. The analysts expect the company to report its total revenue, GAAP net income and EPS GAAP figures in-line with consensus. In the report Wedbush noted, "We anticipate a potential announcement about completing the NDA submission for drisapersen. Recall the company anticipated completing the NDA and MAA submission for drisapersen by the end of April and summer, respectively. With a projected submission completion date of April 30, we anticipate potential announcement of FDA acceptance of the NDA by June 29 and potential receipt of the filing review issues letter (74-Day letter) by July 13." Since drisapersen is a new drug, the 74-Day letter may indicate the requirement of an advisory committee meeting. "BMRN is trading at a premium to comparable stocks," the analysts said, while adding, "If BMRN was trading in-line with peers, the stock price would only be about $30.8."