Canaccord Genuity Raises Price Target on BioMarin Pharma (BMRN) Following BMN-111 Data

Canaccord Genuity reiterates a Buy rating on BioMarin Pharmaceutical Inc. (NASDAQ: BMRN), and raised the price target to $150.00 (from $115.00), following positive BMN-111 data. Analyst Adam Walsh increased the probability of success to 70%, from 50%, based on the strong P2 data.

Walsh commented, "We view the BMN-111 data as highly positive due to excellent safety and strong efficacy at the 15µg/kg/day dose that BioMarin now intends to take into a P3 pivotal trial. Full P2 data are expected at a medical meeting later this year. Based on the strong P2 data, we are increasing our probability of success for BMN-111 to 70% from 50%. In addition, we are increasing the eligible achondroplasia patient population in our BMN-111 revenue build, to better reflect management guidance of 24K eligible pts in the addressable market, while simultaneously decreasing our penetration rates. We now project BMN-111 peak sales of ~$2B. The net effect of these model changes is an increase in our PT to $150, from $115 previously. We continue to expect US drisapersen approval by YE15 and EU approval in 2H16. Reiterate BUY."

For an analyst ratings summary and ratings history on BioMarin Pharmaceutical Inc. click here. For more ratings news on BioMarin Pharmaceutical Inc. click here.

Shares of BioMarin Pharmaceutical Inc. closed at $123.60 yesterday.

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