UPDATE: Leerink Swann Downgrades Synageva BioPharma Corp. on Lack of NT News Flow, Market Opportunity Visibility

In a report published Tuesday, Leerink Swann analyst Joseph P. Schwartz downgraded the rating on Synageva BioPharma Corp. GEVA from Outperform to Market Perform, and lowered the price target from $66.00 to $62.00. In the report, Leerink Swann noted, “We are downgrading GEVA shares from Outperform to Market Perform. We believe that a lack of news flow and visibility into the market opportunity for sebelipase alfa may keep the stock relatively range-bound until ARISE pivotal trial data is reported in 2H14-1H15. We are updating our model and lowering our price target to $62 from $66 to reflect dilution from the company's recent equity offering.” Synageva BioPharma Corp. closed on Monday at $57.93.