Cantor Fitzgerald analyst Eliana Merle reiterates an Overweight rating on BioMarin with a $129 price target saying she has "high conviction" in a successful vosoritide Phase 3 trial by the end of 2019. This will be a key catalyst of focus for the shares, Merle tells investors in a research note. The analyst hosted Dr. Jonathan Day, the clinical lead for BioMarin's vosoritide program for achondroplasia, for a conference call on Friday and thinks Day sounded highly confident in Phase 3 success for vosoritide, "especially given powering assumptions." Merle thinks a successful Phase 3 will support further near-term revenue growth and profitability for BioMarin. On a successful Phase 3, the shares could trade up 10%-20% versus downside risk of ~20%, contends the analyst.