Merrill starts coverage of BioMarin at buy

Merrill Lynch analyst Tom McGahren initiated coverage of BioMarin Pharmaceutical Inc. with a buy rating and a $17 price objective. The analyst believes the company differs from many small-cap biotech's because of its expertise in rare enzyme deficiency diseases and its lead product candidate, Phenoptin. However, the company is not expected to be profitable until at least 2008. Shares of the Novato, Calif., biopharmaceutical company were up 60 cents, or 4.99%, at $12.63 on volume of 1,205,867 shares versus the three-month running average of 1,322,550 shares. (Nasdaq: BMRN)

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