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Thursday, September 6, 2018

Piper ‘incrementally positive’ on BioMarin after Valrox filing plans


Piper Jaffray analyst Christopher Raymond is “incrementally positive” on BioMarin shares after the company disclosed at a conference today that it plans to file for accelerated approval of Valrox, the company’s hemophilia gene therapy, in the second half of 2019. The analyst notes this is a full year earlier than he currently models. Pulling Valrox forward by one year adds approximately $10 per share to the stock, Raymond tells investors in a research note. He keeps an Overweight rating on BioMarin with a $120 price target. The stock in early trading is up 2c to $96.62.

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