UPDATE: Piper Jaffray Initiates On BioMarin Pharmaceuticals On BMN-111 Outlook

In a report published Tuesday, Piper Jaffray analyst Joshua Schimmer resumed coverage on BioMarin Pharmaceuticals (NASDAQ: BMRN) with an Overweight rating and set a price target of $87.00.

In the report, Piper Jaffray says "We are resuming coverage of BMRN with an Overweight rating and $87 PT. The company's attractive pipeline continues to march forward as Vimizim is expected to launch in 2014 (PDUFA Feb 28th). PEG-PAL (for PKU), BMN-763 (for germline BRCA breast cancer) and BMN-701(for Pompe) are all in or entering Phase III and are steadily making their way into consensus estimates. But one product stands out to us still as conceptually de-risked and likely to become clinically de-risked by the end of 2014, namely BMN-111 for achondroplastic dwarfism. We believe the existing data from preclinical models with bridging human genetic observations make this program highly likely to succeed. We believe this program can add $1B of high-margin revenue to BMRN's portfolio by addressing an important unmet need."

BioMarin closed on Tuesday at $70.53.