UPDATE: Piper Jaffray Lifts Synageva PT on Attractive Upcoming LAL-D Treatment

Piper Jaffray published a report Monday, where they maintained a Neutral rating on Synageva (GEVA) and raised its price target from $53 to $57. Piper Jaffray noted, "Synageva reported 4Q12 earnings and provided an update on lead candidate sebelipase alfa currently in Phase III for LAL-Deficiency (LAL-D). We continue to believe sebelipase alfa represents an attractive treatment option for LAL-D, with recent 38 week Phase I/II data providing additional confirmation of the drug's long-term clinical utility. Despite our enthusiasm for sebelipase alfa, we remain Neutral on GEVA shares given what we see to be an absence of meaningful newsflow following the commencement of the ARISE Phase III trial in January. While we remain positive on GEVA shares over the longer term, we believe shares will remain range-bound as the trial progresses. We are increasing our price target to $57 from $53 as we move our primary valuation methodology to DCF from P/E." Synageva closed Monday at $54.28.