There should be no surprise to biotech investors that the mergers and acquisition (M&A) market and chatter are heating up. The huge buy of Synageva Biopharma Corp. (NASDAQ: GEVA) by Alexion Pharmaceuticals Inc. (NASDAQ: ALXN) could be just the start of what may be an exciting summer and rest of 2015 in the industry.
In a new research note from SunTrust Robinson Humphrey that discusses the merits of the Alexion deal, the analysts also mention four other stocks that they think could possibly get swept up in the M&A excitement. These happen to be companies that other top Wall Street firms also see as potential buyout candidates: BioMarin Pharmaceuticals Inc. (NASDAQ: BMRN), Bluebird Bio Inc. (NASDAQ: BLUE), Incyte Corp. (NASDAQ: INCY) and Vertex Pharmaceuticals Inc. (NASDAQ: VRTX).
We featured this company on Wednesday in a post on top biotech stocks to buy. BioMarin develops and commercializes innovative biopharmaceuticals for serious diseases and medical conditions. Its product portfolio consists of five approved products and multiple clinical and preclinical product candidates.
BioMarin recently completed the submission of the New Drug Application (NDA) for approval of drisapersen in the United States and will be filing for approval in Europe this summer. In addition, the company announced it will share clinical results from the Phase 2 study of BMN 111 for the treatment of patients with achondroplasia sometime this quarter and, later in the year, full results from the Phase 1/2 study with cerliponase alfa for CLN2 disorder, a late infantile form of Batten Disease.
The SunTrust analysts have the stock rated at Buy with a $151 price target. The Thomson/First Call consensus price target is $129.32. The stock closed Wednesday at $119.70, up almost 5%.
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