Merrill Lynch maintains buy on BioMarin

Merrill Lynch analyst Tom McGahren kept his buy rating on BioMarin Pharmaceutical Inc. He said Food and Drug Administration approval of Orapred ODT was expected, but BioMarin divested North American rights to the Orapred products in March to Alliant Pharmaceuticals and royalties from net sales will not be a significant driver for the company going forward. Shares of the Novato, Calif.-based pharmaceutical company were up $0.26, or 1.92%, at $13.83 on volume of 1,061,785 shares versus the three-month running average of 1,361,710shares. (Nasdaq: BMRN)

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