Street View: Biomarin's "nice" Q3 shifts focus to upcoming trial data

Ascendant Resources

24/10/2019 11:47

** Drug developer Biomarin Pharamceuticals  BMRN.O  after
hours on Wednesday posted Q3 revenue of $461.1 mln, ahead of
est. $454.5 mln - Refinitiv IBES
    ** Co expected to report late-stage data on experimental
drug vosoritide as a treatment for bone growth disorder
achondroplasia and file for approval of its drug Valrox to treat
bleeding disorder hemophilia by end of the year  

    STILL ALL ABOUT THE PIPELINE
    ** Piper Jaffray ("overweight", PT:$120) says given "nice"
Q3 earnings and revenue beat, BMRN's pipeline continues to be
its star attraction, especially given upcoming milestones
    ** Evercore ISI ("outperform", PT: $110) says with "no major
surprises" in co's Q3 results, focus turns to data from
vosoritide trial
    ** Cowen ("outperform", PT: $150) says, "We continue to view
BMRN as a core holding based on its potential for long term
growth and we are hopeful that vosiritide's pivotal data can
catalyze shares."
    ** Oppenheimer ("perform", PT: $80) is "fundamentally
optimistic" about results from vosoritide trial but says stock
impact upon success may be muted given generally positive
expectations and competitive landscape
    ** SVB Leerink ("outperform", PT: $126) says Q3 revenue beat
instills confidence towards the company achieving its stated
goal of $2 bln in revenue in 2020
    ** However, brokerage adds that despite optimism from
management, investors continue to wrestle with significance of
co's trial data, resulting in a stock price with
disproportionately small value ascribed to vosoritide and Valrox

 (Reporting by Tamara Mathias in Bengaluru)
 ((Tamara.Mathias@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 806749 1208;))