Wedbush Securities Sees Preparations Continuing For Expected Approval And Strong Launch Of Kanuma For Synageva Biopharma

In a report published Friday, Wedbush Securities analyst David M. Nierengarten reiterated an Outperform rating and $111.00 price target on

. In the report, Wedbush Securities noted, "GEVA reported Q4:14 EPS of ($1.73), slightly below our estimate of ($1.67) and consensus of ($1.71). The company ended the quarter with $447M in cash and cash equivalents, not including proceeds from the recent follow-on offering of $309M, and guided towards 2015 total operating expenses of between $280M and $295M. We had previously estimated operating expenses to be approximately $240M, with the increase likely reflecting additional investment in Kanuma's launch later this year, in part by focusing on patient identification programs." Synageva Biopharma closed on Thursday at $99.42.