Canaccord Genuity Raises Price Target on BioMarin Pharma (BMRN) Following BMN-111 Data
Canaccord Genuity reiterates a Buy rating on BioMarin Pharmaceutical Inc. (NASDAQ: BMRN), and raised the price target to $150.00 (from $115.00), following positive BMN-111 data. Analyst Adam Walsh increased the probability of success to 70%, from 50%, based on the strong P2 data.
Walsh commented, "We view the BMN-111 data as highly positive due to excellent safety and strong efficacy at the 15µg/kg/day dose that BioMarin now intends to take into a P3 pivotal trial. Full P2 data are expected at a medical meeting later this year. Based on the strong P2 data, we are increasing our probability of success for BMN-111 to 70% from 50%. In addition, we are increasing the eligible achondroplasia patient population in our BMN-111 revenue build, to better reflect management guidance of 24K eligible pts in the addressable market, while simultaneously decreasing our penetration rates. We now project BMN-111 peak sales of ~$2B. The net effect of these model changes is an increase in our PT to $150, from $115 previously. We continue to expect US drisapersen approval by YE15 and EU approval in 2H16. Reiterate BUY."
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Shares of BioMarin Pharmaceutical Inc. closed at $123.60 yesterday.