BioMarin (BMRN) Buy Rating Maintained at BofA/Merrill Lynch; FDA Vote Suggests Drisapersen Efficacy Was 'Inconclusive'

BofA/Merrill Lynch maintained a Buy rating on BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) with a price target of $165. Comments follow the FDA panel on drisapersen, with votes suggesting that efficacy was inconclusive.

The panel viewed dystrophin as a controversial biomaker, the report noted, and analysts do not believe the dystrophin levels will play an important role in FDA decision making. Regarding safety, most panelists believe patents should have the power to decide if they are comfortable with the safety profile as long as there is efficacy.

Analyst Ying Huang thinks drisapersen's December 27 PDUFA will be a binary event, but he remains a bull, and noted removing drisapersen from his model gives a probability-adjusted NPV of $129.

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 $97.80 yesterday.

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