UPDATE: Cantor Fitzgerald Raises PT to $13 on Synergy Pharmaceuticals on Positive Data

Cantor Fitzgerald reiterated its Buy rating on Synergy Pharmaceuticals

and increased its price target from $7 to $13. Cantor Fitzgerald commented, "Positive data announcement is a key catalyst: Synergy announced positive top-line results from its Phase IIb/III chronic constipation (CC) trial of plecanatide. While details were not disclosed since the company is attempting to present late-breaker data at DDW, management indicated that (1) there was a nice dose response effect; and (2) the highest dose in the trial (3 mg) demonstrated a 19% responder rate versus 10.7% for placebo, which was statistically significant (p=0.009)." Synergy Pharmaceuticals closed at $5.26 on Monday.