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: $5.91 -7.8%

Rating Summary:
    12 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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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.

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