Piper Jaffray analyst Christopher Raymond said BioMarin issued "an across-the-board positive update" during its annual R&D day, but he is "frustrated" by the stock reaction. The vosoritide 54 week Phase 2 update confirms both meaningful and durable average growth velocity, leaving him "increasingly confident" in his valuation of about $9 per share for this program. Additionally, while the company's guidance for GAAP profitability next year is in-line with his expectations, he thinks there could be near-term upside given the company's Palynziq commentary, Raymond said. He keeps an Overweight rating and $120 price target on BioMarin shares, adding that he thinks "patient investors will be rewarded."