Synergy's (SGYP) Plecanatide Seen as 'Rare Gem' at Roth Capital
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Roth Capital analyst Michael Higgins reiterated a Buy rating and $6.50 price target on Synergy Pharmaceuticals (NASDAQ: SGYP) after the FDA has accepted its plecanatide NDA in chronic idiopathic constipation (CIC) and established a PDUFA 12 months after the NDA filing.
"With this milestone behind us, we look forward to data from the first of two Phase 3 trials in IBS-C in 2Q and further details of the two Phase 3 trials in CIC at the DDW conference in late May," the analyst said.
Commenting on recent takeover speculation (first reported by StreetInsider [2nd report here]), while Higgins doesn't see Synergy as an ideal fit for Pfizer (NYSE: PFE) (not GI focused) or Allergan (NYSE: AGN) (selling Linzess), "plecanatide has blockbuster potential (we est. $1.0B in '20) and products of this ilk are rare gems for companies with the marketing expertise and sales force capacity to maximize plecanatide's potential."
The next known event for Synergy is the top-line results from the first of two Phase 3 trials with plecanatide in IBS-C patients. Data from these two 1,050 pt trials with 3mg & 6mg plecanatide are due 2Q and 4Q of '16, with a second NDA filing 4Q'16. Another 2Q event is expected in late May, when Synergy reports further details from the Phase 3 CIC trials at DDW. Finally, they would expect the company to finalize its marketing strategy by this summer.
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 closed at $3.33 yesterday.
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