BTIG Positive on Synergy Pharma (SGYP) Following Management Meetings; Expects More Plecanatide Visibility

October 17, 2016 7:41 AM EDT
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Price: $5.08 -2.31%

Rating Summary:
    11 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 27 | New: 7
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BTIG affirms its Buy rating and $11 price target on Synergy Pharmaceuticals (Nasdaq: SGYP) following recent meetings with management.

Analyst Timothy Chiang commented over the weekend: In sum, we expect more near term visibility on plecanatide, the Co.’s lead product candidate for the treatment of chronic constipation and IBS-C. In addition to the expected release of additional clinical data on plecanatide at the ACG meeting this week, we also expect top line results from its pivotal Phase 3 IBS-C trials to be released this Fall. Based on the positive Phase 3 results presented earlier this year at DDW, we believe plecanatide should be approved by the FDA in early 2017, with a commercial launch occurring in 1Q17.

With ~$141M of cash on the balance sheet as of the end of 2Q16, Synergy seems adequately funded. However, with a US commercial launch of plecanatide targeted for 1Q17, we believe the Co. may look to raise additional funds to further bolster its balance sheet, Chiang noted.

For an analyst ratings summary and ratings history on Synergy Pharmaceuticals click here. For more ratings news on Synergy Pharmaceuticals click here.

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