Jefferies Raises Price Target on BioMarin Pharma (BMRN) to $120; Reiterates Buy

Jefferies reiterated a Buy rating on BioMarin Pharmaceutical Inc. (NASDAQ: BMRN), and raised the price target to $120.00 (from $116.00), following the company's 2Q earnings report.

Analyst Eun Yang commented, "Higher 2Q revenue on higher Vimizim & Kuvan sales. With Naglazyme, Kuvan & Vimizim sales running at >$300M each in 2016, BMRN continues to expect nonGAAP breakeven or better in 2017 (breakeven at ~$1.2-1.3B in annual revenue, by our estimate). Assuming potential approval of Brineura in 1Q17 and of PEGPAL in 2018, we forecast a 5-yr revenue CAGR of ~24% thru 2020."

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 $99.62 yesterday.

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