UPDATE: Summer Street Initiates Coverage on Synergy Pharmaceuticals

According to a research report published earlier today, Summer Street has initiated Synergy Pharmaceuticals (NASDAQ: SGYP) with a Buy rating and $9 PT.

Summer Street said in the report, “We believe SGYP's lead compound, plecanatide, has great potential to become the second, but best-inclass, guanylate cyclase-C (GC-C) receptor agonist for treating chronic idiopathic constipation (CIC) and irritable bowel syndrome with constipation (IBS-C). We expect potentially positive topline data from an ongoing phase II/III CIC trial, which is expected in 4Q12, to provide significant upside in the near term.”

Synergy Pharmaceuticals is currently trading at $4.06.