Synageva BioPharma (GEVA) PT Cut, 'Buy' Maintained at Nomura Securities

Nomura Securities analyst M. Ian Somaiya cut his price target on Synageva BioPharma (NASDAQ: GEVA) price target of $113.00 (from $140.00) but maintained a Buy rating.

Somaiya commented, "We have updated our model following investor meetings with Synageva management. The meetings support our >$1.5bn sebelipase alfa peak sales opportunity and potential for IV delivery of SBC-103 to benefit MPSIIIb patients. However, we have cut our revenue estimates as we assume a younger patient population and more gradual uptake as the company builds its LAL-D patient registry. These changes result in our TP declining to $113, from $140. We expect upside to be driven by presentation of Phase III data for sebelipase alfa (potentially at AASLD) and MRI data confirming SBC-103’s ability to penetrate the blood brain barrier supporting IV delivery. Additional upside will likely be driven by Synageva revealing its third product candidate in 2015, which we continue to expect to be for Pompe’s disease, a $1bn market."

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 $68.10 yesterday.

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