UPDATE: Canaccord Genuity Starts Synageva BioPharma (GEVA) at Buy; Attractive Orphan Platform

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(Updated - June 25, 2012 8:20 AM EDT)

Canaccord Genuity initiates coverage on Synageva BioPharma (NASDAQ: GEVA) with a Buy. PT $60.00.

Analyst, Salveen Richter, said, "The key value driver is SBC-102, an enzyme replacement therapy for lysosomal acid lipase deficiency (LAL-D), a rare, severe, unmet disorder, with positive Phase 1/2 proof-of-concept data and a pivotal trial to initiate in late 2012/early 2013. The company’s novel protein expression platform has produced four additional pipeline drugs (including a protein therapy), the lead being SBC-103, a pre-clinical therapeutic for MPS IIIB, which represent potential upside."

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 $38.50 yesterday, with a 52 week range of $10.04-$40.38.

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