Synergy Pharmaceutical (SGYP) Stock Spikes on Positive Results of Gastrointestinal Tests

NEW YORK (TheStreet) -- Synergy Pharmaceuticals (SGYP) shares are up 47.85% to $6.87 in early market trading on Wednesday after the company released the details of a 1,346 patient late-stage gastrointestinal drug treatment study.

The company said that 21% of patients treated with plecanatide at a 3-milligram dose responded to treatment as opposed to 10% who were given a placebo.

Less than 6% of patients experienced diarrhea as a side effect of the treatment, a much lower mark than analysts were expecting, according to Bloomberg, and better than the 16% of people at clinical trials who experienced diarrhea using Linzess, a gastrointestinal drug sold by Ironwood Pharmaceuticals (IRWD).

The successful trial may be a strong catalyst for the sale of the company which has been exploring that option since March, according to Bloomberg.

SGYP Chart SGYP data by YCharts

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