UPDATE: Canaccord Reiterates On Synergy Pharmaceuticals On Unmet Potential Of Plecanatide

In a report published Wednesday, Canaccord Genuity analyst Ritu Baral reiterated a Buy rating on Synergy Pharmaceuticals (NASDAQ: SGYP) and reiterated a price target of $10.00.

In the report, Canaccord Genuity says "We see clear unmet need in chronic idiopathic constipation (CIC) patients who don't respond to or have unacceptable AEs on current therapies. Compared to Linzess (Forest Laboratories / Ironwood Pharmaceuticals), plecanatide may have better tolerability (no diarrhea in Phase 2a, better dose-response). We also see the CIC and IBS-C market as being large enough to support two or even more effective drugs. Our $10 target is based on a pNPV analysis."

Synergy Pharmaceuticals closed on Wednesday at $4.27.