Baird Reiterates an 'Outperform' BioMarin Pharmaceutical (BMRN); Misses, Guides Lower, but Pipeline Events Remain Key

Baird reiterates an 'Outperform' BioMarin Pharmaceutical (NASDAQ: BMRN) price target of $40.00.

Baird analyst said, "While we're not overjoyed with what seems like a recurring cycle of lowered revenue and raised expense expectations, our conviction remains that this name trades primarily on expectations for key pipeline programs GALNS and BMN-701 for Pompe disease. In that GALNS Phase III and BMN-701 Phase II data remain on track for YE12, given the substantial P&L implications of these programs, we think the benefit of the doubt should be assigned here."

For an analyst ratings summary and ratings history on BioMarin Pharmaceutical click here. For more ratings news on BioMarin Pharmaceutical click here.

Shares of BioMarin Pharmaceutical closed at $37.70 yesterday.

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