UPDATE: Wedbush Raises PT to $55 on Synageva BioPharma on Valuation, First Patient ARISE Dose

Wedbush maintained Synageva BioPharma

with an Outperform rating and raised the price target from $53.00 to $55.00. Wedbush said, "We are encouraged by the dosing of the first patient in the ARISE Phase III trial of sebelipase alfa in the adult Lysosomal Acid Lipase Deficiency (LAL-D) setting. The trial has 38 sites now open, and we expect that with those and additional sites, enrollment will fall into the 1.5-2 year range of most rare disease trials. … We arrive at our $55 price target by applying an 8x multiple to estimated 2018 sebelipase alfa revenues of $397.4M, discounted by 20%, added to 8x our estimated 2019 SBC-103 revenues of $139.7M, also discounted by 20% annually. It is increasing due to the lapse of a valuation period." Synageva BioPharma closed at $54.28 on Monday.