Research analysts at Wedbush upped their target price on shares of Synageva BioPharma (NASDAQ: GEVA) from $53.00 to $55.00 in a report released on Tuesday.

The analysts wrote, “We are encouraged by the dosing of the first patient in the ARISE Phase III trial of sebelipase alfa in the adult Lysosomal Acid Lipase Deficiency (LAL-D) setting. The trial has 38 sites now open, and we expect that with those and additional sites, enrollment will fall into the 1.5-2 year range of most rare disease trials. … We arrive at our $55 price target by applying an 8x multiple to estimated 2018 sebelipase alfa revenues of $397.4M, discounted by 20%, added to 8x our estimated 2019 SBC-103 revenues of $139.7M, also discounted by 20% annually. It is increasing due to the lapse of a valuation period.”

Shares of Synageva BioPharma traded down 3.48% during mid-day trading on Tuesday, hitting $52.39. Synageva BioPharma has a one year low of $32.00 and a one year high of $58.00. The stock’s 50-day moving average is currently $50.17. The company’s market cap is $1.273 billion.

Synageva BioPharma last released its earnings data on Monday, March 11th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by $0.02. The company had revenue of $2.00 million for the quarter, compared to the consensus estimate of $2.32 million. During the same quarter last year, the company posted ($0.65) earnings per share. On average, analysts predict that Synageva BioPharma will post $-1.84 earnings per share for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at Piper Jaffray reiterated a “neutral” rating on shares of Synageva BioPharma in a research note to investors on Tuesday. They now have a $57.00 price target on the stock, up previously from $53.00. Separately, analysts at Leerink Swann raised their price target on shares of Synageva BioPharma from $55.00 to $66.00 in a research note to investors on Tuesday. They now have an “outperform” rating on the stock. Finally, analysts at Janney Montgomery Scott initiated coverage on shares of Synageva BioPharma in a research note to investors on Thursday, January 3rd. They set a “neutral” rating and a $52.00 price target on the stock.

Five investment analysts have rated the stock with a buy rating, and two have issued a hold rating to the company’s stock. The stock presently has an average rating of “overweight” and a consensus target price of $57.50.

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