After hosting a dinner with management, Piper Jaffray analyst Christopher Raymond keeps an Overweight rating on BioMarin with a $120 price target. The bear thesis on the June 6 Valrox Phase 2 year three update readout "simply does not hold water," Raymond tells investors in a research note titled "Everyone Just Take a Breath; Remain Confident in Valrox After Management Dinner." The bear thesis centers around management seeing regular updates to the data, but the company took pains to explain the blinding protocols in place and insist it has been blinded since the two year update, says the analyst. He believes management and remains a buyer of BioMarin shares. Raymond sees the controversy around the data as a "bit of a tempest in a teapot," and he urges investors to "stay the course."