RBC Capital Markets raised its price target on BioMarin Pharmaceuticals (BMRN) Wednesday after a meeting with management raised hope for approval of its muscular-dystrophy drug. Analyst Michael Yee lifted his target on BioMarin stock to 155 from 145, assigning a 65% probability of approval to drisapersen, the Duchenne muscular dystrophy (DMD) drug that is due for an FDA decision by Dec. 27. Among his reasons for confidence: “totality of three
Sarepta Therapeutics (SRPT) stock jumped more than 50% in early trading Wednesday, to an eight-month high, after the company said late Tuesday that the FDA had finally agreed to a refiling plan for its Duchenne muscular dystrophy (DMD) drug eteplirsen. Sarepta said the FDA agreed to a rolling submission plan, with the first batch of data delivered this week and the rest by midyear. That’s in line with previous company guidance, but investors had
Biotech BioMarin Pharmaceutical (BMRN) agreed Monday to pay $680 million in cash for Prosensa Holding, developer of a muscular-dystrophy drug with a checkered history. Prosensa soared 63%, while BioMarin slipped a fraction in early trading in the stock market today. The deal also included two milestone payments of $80 million each if Prosensa’s (RNA) lead drug drisapersen is approved for Duchenne’s muscular dystrophy (DMD) in the U.S. no later