UPDATE: Piper Jaffray Downgrades Synageva to Neutral on Lack of Near-Term Catalysts
Piper Jaffray reduced its rating on Synageva (NASDAQ: GEVA) from Overweight to Neutral and lowered its price target from $66 to $57.
Piper Jaffray noted, "We are downgrading GEVA shares to Neutral from Overweight and reducing our price target to $57 from $66 as we see absence of meaningful news flow from Synageva following commencement of Phase III CESD trial in January 2013. While we remain positive on GEVA shares over the longer term we believe shares will likely remain rangebound as the Phase III trial progresses. We look to get more constructive on GEVA shares as we approach Phase II/III data in Wolman's disease, expected in 2014."
Synageva closed at $47.87 on Wednesday.
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