UPDATE: Cantor Fitzgerald Reiterates Buy Rating, Raises PT on Synergy Pharmaceuticals on Linzess Discontinuation Expectations

In a report published Tuesday, Cantor Fitzgerald analyst Irina Rivkind reiterated a Buy rating on Synergy Pharmaceuticals (NASDAQ: SGYP), and raised the price target from $12.00 to $15.00.In the report, Rivkind noted, “Raising PT to $15 from $12 on higher Linzess discontinuation expectations and differentiated data: After reviewing the plecanatide late-breaker abstract we have raised our revenue estimates. We believe that plecanatide can attain revenue parity with Linzess in the U.S. (based on ~30% medication disruption rates from the Linzess label, an improved tolerability profile, and an assumed big pharma partner). We summarize our model revisions in Exhibit 1 below and reiterate our BUY rating on the stock.”Synergy Pharmaceuticals closed on Monday at $6.24.