UPDATE: Canaccord Genuity Raises PT to $10 on Synergy Pharmaceuticals on Positive Plecanatide Data

Canaccord Genuity reiterated its Buy rating on Synergy Pharmaceuticals SGYP and increased its price target from $7 to $10. Canaccord Genuity noted, "Reiterate BUY, raise target to $10 on increased probability of success for plecanatide in CIC. We see clear unmet need in chronic constipation (CIC) patients who don't respond/have AEs on current therapies. Compared to Linzess (FRX/IRWD), plecanatide may have better tolerability (no diarrhea in Phase 2a). We are raising our pNPV based target to $10 from $7, driven by increased chance of plecanatide success on today's positive proof of concept data." Synergy Pharmaceuticals closed at $5.26 on Monday.