UPDATE: Leerink Reiterates Outperform on BioMarin on Positive Cancer Drug Test Results

In a report published on Monday, Leerink analyst Joseph Schwartz reiterated an Outperform rating on BioMarin (NASDAQ: BMRN) and maintained a $70.00 price target on the release of its full Phase 1/2 data on poly ADP-ribose polymerase (PARP) inhibitor BMN 673 for the treatment of solid tumors. These treatments showed good responses in BRCA cancer and breast cancer patients.

In the announcement, BioMarin said that drug response rates in patients exceeded the 30 percent threshold, this might be an underestimation because many patients haven't received the maximum tolerated dose.

According to Bloomberg data, BioMarin has 17 Buy ratings and 7 Holds. Prior to Monday, shares of the the stock gained 27 percent YTD. Shares are down about 7.8 percent at the time of publication. BioMarin closed Friday at $62.70.