UPDATE: Brean Murray Carret Initiates Coverage on Synergy Pharmaceuticals

According to a research report published earlier today, Brean Murray Carret initiated Synergy Pharmaceuticals SGYP with a Buy rating and $13 PT. In the report, Brean Murray Carret said, “Synergy is focused on developing drugs for gastrointestinal disease, and its lead drug plecanatide, a guanylate cyclase receptor agonist, is in Phase 2/3 for chronic idiopathic constipation (CIC) and a Phase 2b trial in IBS‐C should start in 3Q12. A key investment catalyst is the 4Q12 release of Phase 2/3 plecanatide results in CIC, a significant de‐risking event. Another important positive catalyst is the 2Q12 PDUFA date for competing drug linaclotide, which we expect to result in an approval that formally validates the mechanism, driving Synergy shares higher.” Synergy Pharmaceuticals closed yesterday at $3.99.