Jefferies reiterated a Buy rating on BioMarin Pharmaceutical Inc. (NASDAQ: BMRN), and raised the price target to $120.00 (from $116.00), following the company's 2Q earnings report.

Analyst Eun Yang commented, "Higher 2Q revenue on higher Vimizim & Kuvan sales. With Naglazyme, Kuvan & Vimizim sales running at >$300M each in 2016, BMRN continues to expect nonGAAP breakeven or better in 2017 (breakeven at ~$1.2-1.3B in annual revenue, by our estimate). Assuming potential approval of Brineura in 1Q17 and of PEGPAL in 2018, we forecast a 5-yr revenue CAGR of ~24% thru 2020."

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Shares of BioMarin Pharmaceutical Inc. closed at $99.62 yesterday.