Piper Jaffray said the parallels between Synageva's (GEVA) Kanuma and Alexion's (ALXN) Soliris for paroxysmal nocturnal hemoglobinuria are "fairly obvious" and that Synageva's attractive pipeline could make the deal terms appear "extremely cheap" longer-term. The firm added that its glad to see Alexion diversify beyond Soliris and would buy the stock amid the post-deal weakness. Piper reiterates its Overweight rating and $214 price target on Alexion shares, which are down 8.5% to $154 following this morning's announcement of its agreement to buy Synageva.