Synergy Pharmaceuticals (SGYP) PT Nearly Doubled at Cantor Fitzgerald

January 2, 2013 12:44 PM EST
Get Alerts SGYP Hot Sheet
Price: $6.05 -5.62%

Rating Summary:
    12 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 29 | Down: 30 | New: 23
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Cantor Fitzgerald raised its price target on Buy-rated Synergy Pharmaceuticals (NASDAQ: SGYP) from $7 to $13 following positive top-line results from its Phase IIb/III chronic constipation (CC) trial of plecanatide.

The firm comments, "While details were not disclosed since the company is attempting to present late-breaker data at DDW, management indicated that (1) there was a nice dose response effect; and (2) the highest dose in the trial (3 mg) demonstrated a 19% responder rate versus 10.7% for placebo, which was statistically significant (p=0.009). Also, the drug led to a mean increase of +2.13 complete spontaneous bowel movements (CSBMs) over the 12-week period. Impressively, the incidence of diarrhea at the highest dose was 9.7% vs. 1.3% in placebo (severity not disclosed). The 3.0 mg dose had weaker results in the Phase IIa trial, which management attributed to more severe baseline constipation."

The firm's new price target anticipates a potential takeout scenario for the company.

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

Shares of Synergy Pharmaceuticals are up 14.6 percent mid-day to $6.03.

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