BioMarin Pharmaceutical Inc. (BMRN)

[Fezziwig2008]

BMRN
Cantor Fitzgerald Note on BMRN 8/19- Price Target $125 from $129 - Overweight maintained:

“We think the base business alone (NPV, removing spend for pipeline) is worth $90/sh vs. shares at $76/sh currently. While CRL is a setback, we still see significant growth ahead for BMRN. We see potential for upside from execution across EU Roctavian review, vosoritide (achondroplasia, regulatory submissions accepted), and emerging gene therapy portfolio, coupled with manufacturing expertise. We note that the PKU gene therapy program is expected to dose its first patient this quarter and we think shares reflect limited credit to that program.”