BioMarin (BMRN) PT Raised to $150 at Cowen Ahead of BMN 111's Phase II Data

Cowen analyst Phil Nadeau reiterated an Outperform rating and boosted his price target on BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) to $150.00 (from $125.00) saying they are optimistic for BMN 111's long-term potential, though POC may require patience.

Nadeau commented, "In advance of the Q2 data release from BMN 111's Ph. II trial, we have reviewed its preclinical data and discussed its prospects with an achondroplasia physician KOL. We are optimistic that '111 could address a $1B+ oppy, though worry that the first Ph. II data may not establish clear proof of concept. We are increasing our PT from $125 to $150 to reflect BMN 111's potential."

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 $129.54 yesterday.

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