Canaccord Genuity Maintains a 'Buy' on Synageva BioPharma (GEVA); SBC-102 P1/2 Extension Data Next
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Price: $40.88 +0.71%
Rating Summary:
5 Buy, 4 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
5 Buy, 4 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
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Canaccord Genuity maintains a 'Buy' on Synageva BioPharma (NASDAQ: GEVA) price target of $60.00.
Analyst, Salveen Richter, said, "GEVA reported Q2 GAAP EPS of $(0.48), below consensus of $(0.44) and CGe of $(0.43), primarily driven by higher-than-expected operating expense ($10.2M vs. CGe of $8.9M). SBC-102, an enzyme replacement therapy (ERT) for LAL deficiency (LALD), should enter a pivotal, randomized, placebo-controlled trial in late-2012/early-2013, with additional P2 data presented at two medical meetings in H2 (SSIEM and likely AASLD). In addition, the company recently initiated a patient registry. GEVA is also developing a pre-clinical ERT for MPS IIIB – we expect an update on the program in FY13. We model for peak SBC-102 sales of ~$650M in FY20, and view SBC-102 Phase 2 extension trial data at the Society for the Study of Inborn Errors in Metabolism (SSIEM) meeting in Birmingham, England (September 4-7, 2012) as the next catalyst."
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 $46.26 yesterday, with a 52 week range of $10.04-$50.85.
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Analyst, Salveen Richter, said, "GEVA reported Q2 GAAP EPS of $(0.48), below consensus of $(0.44) and CGe of $(0.43), primarily driven by higher-than-expected operating expense ($10.2M vs. CGe of $8.9M). SBC-102, an enzyme replacement therapy (ERT) for LAL deficiency (LALD), should enter a pivotal, randomized, placebo-controlled trial in late-2012/early-2013, with additional P2 data presented at two medical meetings in H2 (SSIEM and likely AASLD). In addition, the company recently initiated a patient registry. GEVA is also developing a pre-clinical ERT for MPS IIIB – we expect an update on the program in FY13. We model for peak SBC-102 sales of ~$650M in FY20, and view SBC-102 Phase 2 extension trial data at the Society for the Study of Inborn Errors in Metabolism (SSIEM) meeting in Birmingham, England (September 4-7, 2012) as the next catalyst."
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 $46.26 yesterday, with a 52 week range of $10.04-$50.85.
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