BioMarin Pharmaceutical initiated with "neutral"

07/20/06 - Prudential Financial

NEW YORK, July 20 (newratings.com) - Analyst Ron Ellis of Prudential Financial initiates coverage of BioMarin Pharmaceutical Inc (BMRN) with a "neutral" rating. The target price is set to $16.

In a research note published yesterday, the analyst mentions that the company has an impressive enzyme replacement therapy (ERT) franchise due to the Aldurazyme and Naglazyme drugs. BioMarin Pharmaceutical's therapeutic drug, Phenoptin, is expected to be launched in 4Q07, the analyst says. Prudential Financial expects BioMarin Pharmaceutical to achieve profitability in 2008, despite continued reinvestments to boost its growth.