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

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Cantor Fitzgerald analyst Adeyemi Ogunkoya published a report on Synergy Parmaceuticals (NASDAQ: 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.

Latest Ratings for SGYP

Sep 2017CitigroupMaintainsSell
Jun 2017Cantor FitzgeraldInitiates Coverage OnOverweight
Apr 2017CitigroupDowngradesNeutralSell

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Posted-In: Cantor FitzgeraldAnalyst Color Price Target Analyst Ratings


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