UPDATE: Piper Jaffray Reiterates Neutral Rating, Lowers PT on Synageva BioPharma Corp.

In a report published Friday, Piper Jaffray & Co. reiterated its Neutral rating on Synageva BioPharma Corp. (NASDAQ: GEVA), but lowered its price target from $57.00 to $53.00.Piper Jaffray noted, “We are incrementally more positive on GEVA following review of the company's S-3 filing which provided us with two key data updates: 1) nine-month efficacy and safety data for lead candidate sebelipase alfa is comparable to the six month data presented at AASLD; 2) initial preclinical data from SBC-103 for Sanfilippo B looks promising and should support advancement of the drug into the clinic. However, we remain Neutral on GEVA shares given what we see to be an absence of meaningful newsflow from Synageva following commencement of the Phase III CESD trial in January 2013. While we remain positive on GEVA shares over the longer term, we believe shares will likely be remain range-bound as the Phase III trial progresses. We are reducing our price target to $53 from $57 based on increased dilution following Synageva's recently completed financing.”Synageva BioPharma Corp. closed on Thursday at $47.53.