Rodman & Renshaw's Raghuram Selvaraju reiterated his Buy position on Synergy Pharmaceuticals Inc SGYP with a price target of $15.00. The rating reiteration comes after further Plecanatide Phase 3 data was reported, showing positive results.
The new data "emphasizes what we view as the drug's strong likelihood of approval early next year," said Selvaraju. Due to further "top-line data release from two ongoing Phase 3 trials of plecanatide" later this year, the analyst believed the price is likely to rise from $3.26 to $15.00 over the next twelve months.