BioMarin (BMRN) Panel Negative, But Less than FDA - Baird

Baird analyst Brian Skorney weighed in on BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) following yesterday's negative AdCom. However, the analyst said the panel was not as negative as the FDA.

"We spent yesterday at FDA for the drisapersen AdCom. The panelists weren't nearly as negative as the FDA but they were still negative. Don't believe reports giving this a 50/50 chance for approval. It's zero. Although we think there is a reasonable argument that there is no fundamental downside to the valuation, when consensus remains at ridiculously optimistic coin flip odds for what would easily be their biggest selling product, we increasingly see downside risks."

The firm maintained a Neutral rating and price target of $100.

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 $97.80 yesterday.

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