UPDATE: Cantor Fitzgerald Lowers PT on Synergy Pharmaceuticals; Stating Dilution

Cantor Fitzgerald analyst Adeyemi Ogunkoya published a report on Synergy Parmaceuticals SGYP that lowered the price target from $13 to $12 and maintained a Buy rating stating larger-than-expected share count dilution. In the report Cantor Fitzgerald said, "Synergy reported an operational loss of ($12.0M) and loss per share of ($0.18) relative to FactSet consensus estimates of ($0.16). 4Q:12 R&D expense included costs for completion of the Phase II/III plecanatide trial and slightly higher SG&A costs. Our 2013 R&D estimates incorporate expectations of trial costs for the Phase III plecanatide constipation and Phase II IBS-C programs and further work on SP-333. The company has approximately $32.5M in cash on the balance sheet, which we believe should allow for two more quarters of operations before a more substantive financing event becomes necessary." Synergy Parmaceuticals closed Monday at $5.98.