Zacks senior biotech analyst Grant Zeng, CFA remains bullish on BioMarin Pharmaceuticals (BMRN). To find out some of the details, we gathered the following excerpts from today's Buy report:
“BioMarin Pharmaceuticals, Inc. develops enzyme therapies for serious chronic genetic disorders and other diseases and conditions. Its leading product, Aldurazyme, is used for treating the ultra-rare genetic disorder mucopolysaccharidosis-I (MPS-I). The company recently gained FDA [Food & Drug Administration] and European approval for another product, Naglazyme, for the treatment of MPS-VI and Orapred ODT for asthma in children.
“The company also presented positive data on phase III candidate Kuvan. The product pipeline is filling out and profitability is on target for 2008. We continue to rate the shares a BUY.
“Two recent deals with Serono and Alliant, along with a public offering of common stock and convertible debt, have reduced concern about the company's cash position. We believe the company now has sufficient cash to fund its operations until profitability.
“We upgraded the stock in early August 2005. Since then, the stock has more than doubled. We expect further appreciation, and our new price target is $24 per share.”