Deutsche Bank raised its price target for BioMarin (BMRN) shares to $140 saying six potential catalysts over the next 12 months could drive $58 of share upside, with potential downside risk of $52. Deutsche believes the drug maker's Hemophilia opportunity is the largest not in street numbers. Its target of $140 assumes 50% probability to achondroplasia, 50% to Drisapersen, 25% to follow on Duchenne muscular dystrophy drugs and 25% to hemophilia. Deutsche sees a potential takeout valuation of $194-$271 per share in one year if BMN-111, DMD, and Hemophilia are positive. The firm currently sees a potential takeout valuation of $170 per share, but notes that valuation can get as high as $418 per share over the next 12 months under a "blue sky scenario" with 100% credit assigned to all programs. Deutsche keeps a Buy rating on BioMarin. UBS this morning raised its price target for shares to $136 while Ben Harrington of the blog Betaville last night said Shire (SHPG) may be weighing a takeover bid for the orphan drug maker.

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Consensus for FY24 EPS is $1.65. Still sees FY24 revenue $2.7B-$2.8B, consensus $2.77B.

Reports Q1 revenue $649M, consensus $651.79M. "During the quarter, execution across our business led to double digit revenue growth, on a constant currency basis, and an 18% increase in non-GAAP diluted EPS. At the same time, we made rapid progress on advancing our strategic priorities for the year, including accelerating and maximizing the VOXZOGO opportunity, focusing R&D on the most productive assets, and increasing profitability," said CEO Alexander Hardy. "We were pleased with the outcome of our strategic R&D asset review, resulting in the acceleration and prioritization of the most potentially impactful medicines for patients...Quarterly results were driven by strong demand for VOXZOGO, the only approved treatment for children with achondroplasia, and solid contributions from our established enzyme products...Our registration-enabling plans with VOXZOGO in hypochondroplasia, and ongoing discussions with health authorities to align on development plans for idiopathic short stature and pathway conditions are on-track, with all three studies expected to begin enrollment this year."