Brean Murray Carret & Co. Upgrades BioMarin Pharmaceutical Inc. (BMRN) to Buy; Increased Confidence in GALNS Phase 3 Trial
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Price: $66.70 -1.45%
Rating Summary:
25 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
25 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Brean Murray Carret & Co. upgraded BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) from Hold to Buy with a price target of $41.00.
Brean analyst said, "We are upgrading BMRN based entirely on the company's Phase 3 GALNS program to treat MPS IV, from which data will be available in Q4'12 given enrollment completion about two weeks ago. We believe that BMRN has enrolled the trial carefully enough to exlude patients likely to undergo surgery during the 24-wk primary endpoint evaluation period, which is critically important since surgery would seriously compromise a patient's ability to usefully perform the 6-minute walk test. GALNS could easily exceed $500 million, in our view, making it by far BioMarin's most successful product."
Brean analyst slightly lowers FY13 EPS loss from (0.17) to (0.21)
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 $34.67 yesterday.
Brean analyst said, "We are upgrading BMRN based entirely on the company's Phase 3 GALNS program to treat MPS IV, from which data will be available in Q4'12 given enrollment completion about two weeks ago. We believe that BMRN has enrolled the trial carefully enough to exlude patients likely to undergo surgery during the 24-wk primary endpoint evaluation period, which is critically important since surgery would seriously compromise a patient's ability to usefully perform the 6-minute walk test. GALNS could easily exceed $500 million, in our view, making it by far BioMarin's most successful product."
Brean analyst slightly lowers FY13 EPS loss from (0.17) to (0.21)
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 $34.67 yesterday.
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