Barclays: BioMarin Is A Buy, Sees $150/Share

In a report published Friday, Barclays analyst Geoff Meacham initiated coverage of

with an Overweight rating and $150 price target. The company has been witnessing robust P&L momentum and the analyst expects BioMarin to see large pipeline opportunities going forward. "BioMarin is a market leader in the orphan disease space with a diverse portfolio of five approved products. The most recent is Vimizim, which has had a strong launch and should continue to drive upside in 2015 and beyond," Meacham said. The analyst believes that the highest impact asset in BioMarin's pipeline is drisapersen for the treatment of Duchenne muscular dystrophy (DMD). The unmet need among patients with DMD is expected to lead to the approval for the drug by the end of 2015, following an FDA AdCom meeting in 2H15. Drisapersen sales are expected to bring in peak sales of more than $1 billion. According to the Barclays report, "Beyond drisapersen, POC phase 2 data for BMN 111 in achondroplasia is expected this month, which could add yet another asset to the late stage pipeline." The company has "multiple value-creating pipeline events over the next 6-12 months and a core business that continues to drive upside," the report added.