BioMarin Pharma (BMRN): BMN-270 Update Is An Incremental Positive - Baird
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Baird analyst, Michael Ulz, reiterated his Outperform on shares of BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) on the heels of the BMN-270 update which he views as an incremental positive.
After the close, BioMarin announced that UK regulators approved continued enrollment in the Phase 1/2 study of BMN-270 (gene therapy) in Hemophilia A. Importantly, continuation indicates regulators are not overly concerned with Factor VIII expression above the normal range (two patients >150%) or ALT elevations. Additionally, the study was amended to allow dose optimization ahead of the Phase 2b study expected to begin in 2H17.
The analyst is encouraged these updates and reiterated his Outperform rating.
No change to the price target of $115.
Shares of BioMarin Pharmaceutical Inc. closed at $86.87 yesterday.
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