Nomura Incrementally More Bullish on BioMarin's (BMRN) Drisapersen Approval

Nomura Securities analyst M. Ian Somaiya reiterated a Buy rating and $163 price target on BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) saying they are incrementally more confident in BioMarin’s ability to gain approval for key pipeline drug drisapersen on existing data following our attendance of a Duchenne Muscular Dystrophy (DMD) industry symposium co-sponsored by PTC and BioMarin.

The reasons cited for the firm's increased confidence are 1) that DMD natural history data supports clinical relevance of 30m improvement in 6 Minute Walk Distance (6MWD); 2) FDA guidance suggests greater flexibility and willingness to look beyond trial’s primary endpoint to drug’s overall clinical benefit and 3) increased acceptance of biomarkers to drive not only patient selection but confirm treatment beyond clinical benefit.

"While we continue to assume an additional Phase III trial is needed supporting a 2019 approval and $1bn in peak sales (80% risk-adjusted), our scenario analysis points to $18/share upside if drisapersen is approved on existing its data package," the analyst said.

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 $140.00 yesterday.

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