Piper Jaffray Boosts Target on BioMarin (BMRN) to $52 After Addition of BMN-701 to Model
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Price: $64.01 -0.76%
Rating Summary:
10 Buy, 4 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
10 Buy, 4 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade BMRN Now!
Shares of BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) are underperforming the broader equities market Friday morning despite a boosted price target and reiterated Overweight rating from Piper Jaffray's Ian Somaiya earlier. The stock is up 1 percent to $42.86 at last check, versus 1.2 percent gains in both the DJIA and S&P 500.
The analyst's revised target follows the addition of BioMarin's BMN-701 to his model ahead of a "data-rich" second half of 2012. The analyst sees the Phase III GALNS trial offering multiple opportunities for success. Somaiya pointed out Genzyme has already laid the clinical and commercial foundation for BMN-701.
Somaiya now sees BioMarin shares rising to $52 over the next year, up from a prior target of $43. The analyst's new price target implies potential upside of about 21 percent from where the stock is currently trading.
For an analyst ratings summary and ratings history on BioMarin Pharmaceutical Inc. click here. For more ratings news on BioMarin Pharmaceutical Inc. click here.
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The analyst's revised target follows the addition of BioMarin's BMN-701 to his model ahead of a "data-rich" second half of 2012. The analyst sees the Phase III GALNS trial offering multiple opportunities for success. Somaiya pointed out Genzyme has already laid the clinical and commercial foundation for BMN-701.
Somaiya now sees BioMarin shares rising to $52 over the next year, up from a prior target of $43. The analyst's new price target implies potential upside of about 21 percent from where the stock is currently trading.
For an analyst ratings summary and ratings history on BioMarin Pharmaceutical Inc. click here. For more ratings news on BioMarin Pharmaceutical Inc. click here.
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