Synergy's (SGYP) Buy Rating Maintained at BTIG; Larger Pharma May See Value in Takeover, Says Analyst

BTIG maintained a Buy rating on Synergy Pharmaceuticals (NASDAQ: SGYP) with a price target of $11 following results from its second pivotal Phase 3 IBS-C trial. Analyst Timothy Chiang sees the company as a potential takeout candidate.

"After the market close, SGYP reported results from its second pivotal Phase 3 IBS-C trial with plecanatide reconfirming the solid efficacy and clean side effect profile that was shown in the first pivotal Phase 3 study released several weeks ago. In addition, Overall Response rates from this 2nd trial were ~30% (vs. placebo at 17.8%), which was higher than what was reported in the first Phase 3 study (~21.5% to 24%), with diarrhea incidence remaining in the low- to mid-single digits. We remain positive on SGYP shares, and believe larger pharma companies could see value in acquiring the Co. for plecanatide," said Chiang.

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 $4.74 yesterday.

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