Piper Jaffray Raises BioMarin Pharmaceutical (BMRN) Price Target

Piper Jaffray analysts M. Ian Somaiya and Sasha Blaug maintained their Neutral rating for shares of BioMarin Pharmaceutical Inc. (Nasdaq: BMRN), while raising the price target to $25 from the previous price target of $23.

The analysts noted that BioMarin Pharmaceutical Inc released financial results that were in line with forecasts.

The company's management said that they have identified 600 MPS IV subject (vs. prior estimates of 400) that could be treated with GALNS, which led to the analysts increasing their price target for BioMarin Pharmaceutical Inc.

However, the analysts said they believe the market has already factored in the company's clinical pipeline, so they maintained their Neutral rating.

The Piper Jaffray analysts wrote, "risks to our price target include failure of GALNS to reach the market, higher level of spending than we are forecasting to support future revenue growth, and entry of generics or biosimilars to Aldurazyme and Kuvan, whose US Orphan protection expires in 2010 and 2014, respectively."