Citi Analyst Reaffirms BioMarin As A 'buy'

NEW YORK (AP) — A Citi analyst reaffirmed his "buy" rating on shares of BioMarin Pharmaceutical Inc. Thursday citing the outlook for the company's developing treatments aimed at genetic and other conditions.

Citi analyst Kia Khaleghpour boosted his price target on BioMarin's stock to $26 from $17.

BioMarin's shares rose 83 cents, or 4.8 percent, to $18.31 in afternoon trading. The stock has traded between $9.93 and $30.74 over the last 52 weeks.

Khaleghpour said BioMarin is undervalued, with the current stock value not reflecting the company's pipeline of products.

The company's developing products are aimed at a range of conditions, including sickle-cell disease and enzyme deficiencies. Its current products include Kuvan, which is aimed at treating phenylketonuria, or PKU, a genetic disorder that can cause problems with brain development.

Khaleghpour highlighted the outlook for the company's development program for a Morquio-A disease treatment. It is a type of lysosomal storage disease, which is a metabolic disorder.