Collins Stewart Raises Price Target on BioMarin Pharmaceutical (BMRN) Following Solid Q1 Results and Q2 Guidance

Collins Stewart is reiterating its Buy rating on shares of BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) and is raising its price target from $31 to $33 following strong Q1 results.

The company reported Q1 results with revenue topping $109.5 million, which was ahead of the Street's estimates of $100.5 million. The firm notes that the upside was due to higher than expected Naglazyme orders in Brazil.

BMRN also raised its FY11 Naglazyme revenue outlook to $211-$225 million from $206-$225 million.

The firm comments that, "In the near-term, we believe the P2 PEG-PAL data in PKU in 3Q11, which we expect to be positive given prior data, physician feedback and management comments on the safety/efficacy to date, is the next key catalyst for BMRN shares. Into 2012, we believe the availability of the blood Phe monitor, results from the Kuvan neurocognitive study and P3 GALNS data could drive additional value. We view the P2 Kuvan investigator data in autism in August as a free-call option."

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 $26.46 yesterday.

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