Deutsche Bank Downgrades BioMarin Pharmaceutical Inc. (BMRN) to Hold; Like Early Pipeline but Risk/Reward not Favorable

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Deutsche Bank downgraded BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) from Buy to Hold. PT $27.

Deutsche analyst says, "Top-line results from the ph 2 trial of daily PEG-PAL will provide much needed color on the tolerability profile, which has not fared well at once weekly (high discontinuation rates). Data is expected in mid-2011. We currently assign 50% probability of success to PEG-PAL. If we remove PEG-PAL, our valuation is $24 (-$3) & if we assign 100% probability of success, our valuation increases to $31 (+$4). We view the risk/reward as unfavorable given the past PEG-PAL data."

For more ratings news on BioMarin Pharmaceutical Inc. click here and for the rating history of BioMarin Pharmaceutical Inc. click here.

Shares of BioMarin Pharmaceutical Inc. closed at $28.29 yesterday, with a 52 week range of $17.70-$28.42.

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