Synergy Pharmaceuticals Inc fka SGYPQ

[Snackman]

Synergy Pharmaceuticals Inc (NASDAQ:SGYP) shares have retreated by 6.7% in morning trading after the biotech issued an update on the ongoing FDA review of the company’s lead product candidate plecanatide for the potential treatment of chronic idiopathic constipation, as well as on the company’s IBS-C clinical development program.

According to CEO Gary S. Jacob, Synergy has reached the FDA mid-cycle review milestone and is optimistic about the potential approval of plecanatide for the treatment of CIC by the PDUFA date of January 29, 2017. The company has also decided to continue patient enrollment for two ongoing phase III clinical trials for plecanatide for the potential treatment of IBS-C.

Some traders could be selling due to the slower enrollment pace. Synergy remains hopeful that it will file an NDA for plecanatide for the treatment of IBS-C in the first quarter of 2017. Of the 766 active funds that we track, 21 collectively owned $73.66 million worth of Synergy Pharmaceuticals Inc (NASDAQ:SGYP) shares on March 31, which accounted for 23.50% of the float.