UPDATE: Piper Jaffray Initiates Synageva at Overweight with $66 PT on Lead Drug Data
Piper Jaffray initiated coverage on Synageva (NASDAQ: GEVA) with an Overweight rating and a price target of $66.
Piper Jaffray noted, "We believe Synageva's management team, given their experience in developing and launching ultra-orphan drugs, will be key to unlocking a ~$2bn market opportunity for their lead drug, SBC-102, for the treatment of LAL-Deficiency (LAL-D), a rare lysosomal storage disorder (LSD). We expect the next major catalyst to be release of 12-week extension data for SBC-102 in late-onset LALD patients (later this week), which should confirm durability of benefit and longer-term safety, paving the way for a Phase III trial start around year end and launch in 2016."
Synageva closed at $49.78 on Wednesday.
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