Aegis Capital Reiterates Buy Rating, $25 PT on Synergy Pharmaceuticals
In a report published Wednesday, Aegis Capital Corp. reiterated its Buy rating and $25.00 price target on Synergy Pharmaceuticals (NASDAQ: SGYP).
Aegis Capital noted, “This morning, Synergy reported positive results from the first Phase 3 trial of its lead drug candidate, plecanatide (SP-304), in chronic idiopathic constipation (CIC). The trial met all primary and secondary endpoints with high statistical significance. Plecanatide demonstrated dose-dependent efficacy and encouraging safety and tolerability. In our view, this trial result clearly positions plecanatide as a real competitor in the gastrointestinal (GI) tract disorders arena and establishes Synergy as a force to be reckoned with. In the wake of this positive Phase 3 data with plecanatide, we reiterate our Buy rating and 12-month price target of $25 per share for SGYP.”
Synergy Pharmaceuticals closed on Monday at $5.26.
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Tags: Aegis Capital Corp.