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Wedbush Morgan Says Takeover Rumors on BioMarin (BMRN) Are Premature; 2010 Value-Drivers Have Potential Upside

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September 24, 2009 3:11 PM EDT

Wedbush Morgan maintains a 'Neutral' rating on BioMarin Pharmaceutical (Nasdaq: BMRN), raises price target by $1 to $21.

Wedbush analyst says, "We believe remaining 2009 catalysts are not major value drivers for BMRN but 2010 could be transforming. Although we do anticipate Naglazyme sales will continue to be strong as BioMarin continues to expand its approval and reimbursement worldwide as well as find new patients, we do not believe investors are giving the stock proper credit for this growth driver. Recent data reported at the 11th International Congress for Inborn Errors of Metabolism (ICIEM 8/29-9/2/09 San Diego) suggested Kuvan conveys a clinical benefit to PKU patients, however, we believe investors will not pay a premium until Kuvan sales pick-up...In 2010 we see value-drivers potentially leading to over $5/share upside...We believe rumors of an imminent take-out are premature. With major clinical value drivers occurring in 2010, we believe it is unlikely that BMRN will be acquired before the clinical profiles of GALNS, PEG-PAL safety and Kuvan in autism are known."

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BioMarin Pharmaceutical Inc. develops and commercializes biopharmaceuticals for serious diseases and medical conditions.