BioMarin Pharmaceutical "outperform," estimates raised

02/21/07 - Robert W. Baird

NEW YORK, February 21 (newratings.com) - Analysts at Robert W Baird reiterate their "outperform" rating on BioMarin Pharmaceutical Inc (BMRN), while raising their estimates for the company. The target price is set to $22.

In a research note published yesterday, the analysts mention that the company has reported its 4Q06 EPS ahead of the estimates, driven by higher-than-expected Naglazyme revenues. BioMarin Pharmaceutical has issued its net loss guidance in-line with the estimates at $20-$25 million and its Naglazyme revenue guidance ahead of the estimates at $74-$78 million for 2007. The company has released negative Phase II data for its BH4 drug for the treatment of poorly controlled hypertension, the analysts add. The EPS estimates for FY07 and FY08 have been raised from -$0.37 to -$0.22 and from -$0.20 to $0.49, respectively.