Synageva BioPharma Jumps on Canaccord Genuity Initiation

Shares of Synageva BioPharma

are bucking the broader market trend on Monday after analysts at Canaccord Genuity initiated the stock with a Buy rating and a $60.00 price target. At last check, shares had added around 5% to $40.34. The firm uses a blended valuation model to reach their price target - a sum-of-the-parts analysis and a discounted-EPS model. They wrote that "Synageva is a player in ultra-orphan diseases - an attractive, proven business model."