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BioMarin Pharmaceutical Inc. surged to a seven-year high Friday, as analysts said the price of the company's newly-approved drug Kuvan is greater than expected, and that BioMarin may get more revenue from the drug than previously believed.

BioMarin said Thursday afternoon that the Food and Drug Administration approved Kuvan, a drug designed to treat the genetic disorder phenylketonuria. People with phenylketonuria are unable to metabolize certain proteins in meat, milk and eggs. High protein levels in their blood can cause mental retardation and neurological problems.

BioMarin shares rose 5 percent Thursday, and gained $6, or 20.2 percent, to $35.76 in morning trading, the stock's highest value since March 2000.

At least six analysts raised their price targets on BioMarin shares, saying the price of the drug will be higher than they expected.

Cowen and Co. analyst Phil Nadeau predicted BioMarin will turn a profit next year due to sales of Kuvan.

"We think it is increasingly clear that BioMarin will be one of the most attractive growth stories in biotech for the next several years," he said.