BioMarin initial selloff on valrox data ‘wholly misplaced,’ says Piper Jaffray

Piper Jaffray analyst Christopher Raymond recommends using this morning’s weakness in shares of BioMarin as a buying opportunity. The stock in premarket trading is now little changed after selling off earlier in the morning. The initial premarket reaction to year three Phase 1/2 data and initial Phase 3 data for valrox is “wholly misplaced,” Raymond tells investors in a research note. Specifically, with mean F8 levels going from 36.4 IU/dL at year two to 32.7 IU/dL at year three, and median going from 26.2 IU/dL to 19.9 IU/dL, the bear scenario 10-15 IU/dL is “off the table,” says the analyst. He believes that while some investors “appear to be nitpicking” management’s characterization of a plateau, the plateau is “exactly what we have here.” Raymond expects BioMarin shares to recover this morning’s conference call and he keeps an Overweight rating on the name with a $120 price target.

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