NEW YORK, NY / ACCESSWIRE / April 28, 2017 / BioMarin shares trended higher this week after the FDA approved the pharma giant's Brineura drug that treats a type of Batten disease. Brinuera is the first drug approved for the treatment of this form of Batten disease. While one pharma giant is celebrating, another one saw its stock tank on Thursday. Pacific Biosciences of California posted a wider than expected first-quarter loss and investors were less than thrilled.

RDI Initiates Coverage on:

Pacific Biosciences of California, Inc.
https://ub.rdinvesting.com/news/?ticker=PACB

BioMarin Pharmaceutical Inc.
https://ub.rdinvesting.com/news/?ticker=BMRN

Pacific Biosciences of California, Inc. shares saw a steep fall into the red on Thursday, even hitting as low as 3.75 in afternoon trading for a new 52-week low. Traders couldn't help but show how concerned they were after the company reported a bigger than expected loss in the first quarter ended March 31, 2017. The biotech company reported Q1 earnings at market close on Wednesday and failed to meet what the Street was expecting. Pacific reported a quarterly loss per share of $0.26 while the street was expecting a loss of just $0.23. Although revenue at $24.9 million was up by 30.3% as compared to same period last year, it is slightly lower than the $25 million that the Zacks Consensus Estimate was looking for.

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BioMarin Pharmaceutical Inc. investors had a reason to celebrate this week as the company's drug Brinuera was approved by the FDA. Shares climbed to as high a $98.95 on Thursday. Brinuera is now the first treatment approved by the FDA to treat a type of Batten disease, which is a very rare disorder that affects the nervous system. The company's drug is the first FDA-approved treatment to slow loss of walking ability in symptomatic pediatric patients that are 3 years of age and older with late infantile neuronal ceroid lipofuscinosis type 2 (CLN2), also known as tripeptidyl peptidase-1 (TPP1) deficiency. Julie Beitz, M.D., director of the Office of Drug Evaluation III in the FDA's Center for Drug Evaluation and Research commented on the approval and said, "Approving the first drug for the treatment of this form of Batten disease is an important advance for patients suffering with this condition."

Access RDI's BioMarin Pharmaceutical Research Report at:
https://ub.rdinvesting.com/news/?ticker=BMRN

Our Actionable Research on Pacific Biosciences of California, Inc. (NASDAQ: PACB) and BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) can be downloaded free of charge at Research Driven Investing.

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