Company

Bank

Analyst

Coverage

Opinion

Wk chg

11/9 cls

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Baird

Christopher Raymond

Price target

Outperform

29%

$48.09

Barclays Capital

Ying Huang

Price target

Overweight

Brean Capital

Jonathan Aschoff

Downgrade

Hold (from buy)

Jefferies

Eun Yang

Price target

Buy

Leerink

Joseph Schwartz

Price target

Outperform

Summer Street

Carol Werther

Price target

Buy

Wedbush

Liana Moussatos

Price target

Neutral

Raymond raised his target to $54 from $45 after BioMarin reported that once-weekly 2 mg/kg IV GALNS met the primary endpoint in the Phase III MOR-004 trial to treat mucopolysaccharidosis IVA (MPS-IVA, Morquio's syndrome). BioMarin plans to submit regulatory applications starting next quarter (see B19). Raymond expects an approval and a launch in 4Q13 for the recombinant human N-acetylgalactosamine-6-sulfatase.

Huang raised his target to $54 from $46 on the GALNS news.

Aschoff downgraded on the market price following the GALNS news.

Yang raised her target to $60 from $46 on the GALNS news. She anticipates that GALNS will turn BioMarin profitable in 2014, with peak annual GALNS sales of about $600M by 2019.

Schwartz raised his target to $65 from $44 on the GALNS news.

Werther raised her target to $69 from $52 on the GALNS news. She expects approval in late 2013.

Moussatos raised her target to $46 from $41 on the GALNS news and predicts peak sales of about $745M.

bioMerieux S.A. (Euronext:BIM)

Jefferies

Peter Welford

Downgrade

Hold (from buy)

-6%

€70.30

Welford downgraded despite raising his target to €74 from €66. He believes the in vitro diagnostics company will sustain at least a 5-6% organic growth trajectory, but believes the stock is fairly valued based on an expected 2013 adjusted EPS of €4.63 with a target multiple of 16x, which is in line with its peers.