Jefferies Trims PT on BioMarin Pharma (BMRN), Keeps 'Buy'

Jefferies analyst, Eun Yang, cut the price target on BiorMarin (NASDAQ: BMRN) in a note this morning, but maintained a Buy rating as the new target suggests ample upside. Early Ph2 data, expert views, and new enzyme replacement therapies (ERTs) for Pompe disease (BMRN's BMN 701, SAN FP's neoGAA) show no clear improvement over only approved ERT Lumizyme. However, if approved, the expert expects to use all three interchangeably.

Pompe Disease is a rare genetic disorder caused by a defect in the enzyme acid alpha glucosidase (GAA) resulting in muscle/respiratory weakness and heart disease. BMN 701 is IGF2-rhGAA in Ph2 for late-onset Pompe disease (LOPD). Currently Genzyme/Sanofi's Myozyme/Lumizyme (rhGAA) is the only approved drug for Pompe disease (€542M/€650M in 2014/2015 sales). On modified BMN 701 assumptions, she reset the PT at $116 (vs. $120 prior).

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 $87.79 yesterday.

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