Nomura Securities Starts Synageva BioPharma (GEVA) at Buy, $85 PT

January 8, 2014 7:55 AM EST Send to a Friend
Get Alerts GEVA Hot Sheet
Price: $74.10 -1.15%

Rating Summary:
    11 Buy, 3 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 37 | Down: 17 | New: 30
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Nomura Securities initiates coverage on Synageva BioPharma (NASDAQ: GEVA) with a Buy. PT $85.00.

Analyst Ian Somaiya comments: "Synageva is a clinical-stage biopharmaceutical company focused on the treatment of rare diseases with high unmet medical need. We believe Phase I/II data for the company’s lead-drug sebelipase alfa has significantly de-risked Phase III data, which we expect in February (in infants) and 3Q14 (ARISE trial in children and adults), respectively. We expect Phase III data and, more importantly, results from a natural history study (also in February) to begin to put to rest investor debate on the true size of the LAL-D market and support our sebelipase alfa’s peak sales estimate of >$1bn. Our $85 target price is based on DCF analysis of projected free cash flows in 2015-25E discounted at 10% with a 3% terminal growth rate. FY13E EPS at ($3.06); FY14E EPS at ($4.04)."

For an analyst ratings summary and ratings history on Synageva BioPharma click here. For more ratings news on Synageva BioPharma click here.

Shares of Synageva BioPharma closed at $69.53 yesterday.


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