In a report published Tuesday, Leerink Swann analyst Joseph P. Schwartz downgraded the rating on Synageva BioPharma Corp. GEVA from Outperform to Market Perform, and lowered the price target from $66.00 to $62.00.
In the report, Leerink Swann noted, “We are downgrading GEVA shares from Outperform to Market Perform. We believe that a lack of news flow and visibility into the market opportunity for sebelipase alfa may keep the stock relatively range-bound until ARISE pivotal trial data is reported in 2H14-1H15. We are updating our model and lowering our price target to $62 from $66 to reflect dilution from the company's recent equity offering.”
Synageva BioPharma Corp. closed on Monday at $57.93.
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