BTIG Affirms 'Buy' Rating on Synergy Pharma (SGYP) Ahead of Pivotal Plecanatide Data in IBS-C
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BTIG affirms Synergy Pharma (Nasdaq: SGYP) at Buy with a price target of $11 ahead of the potential release of pivotal Phase 3 top line results in IBS-C, which is expected in Q416.
Analyst Timothy Chiang commented today,
We believe visibility on plecanatide (the Co.’s late stage pipeline product for the treatment of chronic idiopathic constipation – CIC, and constipation predominant IBS) could improve heading into the Fall as we expect additional data to be released at the upcoming ACG meeting in mid-October. We remain positive on SGYP shares as we think plecanatide is likely to gain FDA approval (for the treatment of chronic constipation) in early 2017 (Jan. 29 PDUFA date).
Once-Daily Oral Plecanatide Could Be the Next New CIC treatment to be launched in the US in 2017. Our CY17-CY19 sales estimates (for the CIC treatment indication) are $35M, $125M, and $250M, respectively. An NDA filing for an IBS-C treatment indication could occur in 1Q17, assuming the two pivotal Phase 3 trials show a positive result (top line results expected in 4Q16). In early August, the Co. indicated in a press release that > 95% of the planned patient enrollment had been completed.
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