Goldman Sachs assumed coverage on BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) with a Buy rating and a price target of $158. Analyst Salveen Richter sees risk/reward as favorable, with significant news flow in 2016.

"Our rating is driven by 1) significant upside via numerous catalysts reading out into Year- End 2015 and 2016, and 2) an attractive M&A profile given the company’s robust pipeline. BMRN boasts five approved products addressing areas of high unmet need, on track to generate $850mn- $880mn in sales in 2015 (est. $2bn in base business peak sales in 2026). The broad pipeline (10 clinical programs, with plans for at least one new candidate to enter the clinic each year) is likely to yield multiple readouts into YE and throughout 2016 (est. peak $4.3bn sales in 2026). A positive regulatory outcome for key driver, drisapersen (Kyndrisa), could result in non-GAAP profitability in 2017," said Richter.

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Shares of BioMarin Pharmaceutical Inc. closed at $107.32 yesterday.