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NEW YORK, Sept 8 – Salomon Smith Barney initiated coverage of Genaissance Pharmaceuticals (Nasdaq: GNSC) with a Venture, Buy rating and issued a 12-month price target of $32 a share.

Genaissance of New Haven, Conn., was trading up 1 1/16, or 4.8 percent, at $23 in late morning trading.

In a report, analyst Meirav Chovav said that the company has shown that its HAP technology platform for identifying gene-specific SNPs can predict a person’s response to a drug or their predisposition to a disease.

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