UPDATE: Canaccord Genuity Initiates Synageva BioPharma at Buy, $60 PT; Attractive Orphan Platform

Canaccord Genuity initiates its coverage on Synageva BioPharma

with a Buy rating and a price target of $90. Canaccord Genuity says, "Early but encouraging SBC--102 proof --102 proof--of --of- ofof-concept data: --concept data: The lateonset LAL-D Phase 1/2 trial data presented to date has been impressive – rapid and significant decreases in hepatic enzymes indicate that SBC-102 is having the predicted biochemical role in combating liver abnormalities." GEVA closed at $38.50 on Friday.