The 8% rally yesterday in shares of BioMarin as the company presented at a sell-side conference "could be just the beginning of a major swing in sentiment" if the valrox update before June 7 is positive, Cantor Fitzgerald analyst Eliana Merle tells investors in a research note. The analyst thinks BioMarin is "poised for a large move" this year if valrox is positive given skepticism about the drug's long-term durability. She sees a "highly favorable" risk/reward into "many potentially transformative updates" over 2019, with upside to $150 per share versus downside to $60-$70 per share. Merle reiterates an Overweight rating on BioMarin with a $131 price target.