UPDATE: Wedbush Downgrades Synageva BioPharma on Valuation

In a report published Monday, Wedbush analyst David M. Nierengarten downgraded the rating on Synageva BioPharma Corp. (NASDAQ: GEVA) from Outperform to Neutral, but raised the price target from $55.00 to $67.00.

In the report, Wedbush noted, “We are downgrading shares of Synageva due to valuation. We continue to see much promise in its technology platform of egg-white expression of potential enzyme replacement therapies (ERTs) for rare diseases, however, we can no longer recommend purchase of GEVA shares at current levels.”

Synageva BioPharma Corp. closed on Friday at $68.98.