Synergy Pharmaceuticals (SGYP) Stock Price Target Hiked at Cantor Fitzgerald

NEW YORK (TheStreet) -- Synergy Pharmaceuticals (SGYP) stock price target was hiked to $14 from $8.50 by analysts at Cantor Fitzgerald who reiterated their "buy" rating.

Shares are soaring 7.46% to $8.36 in Thursday's early morning trading session.

This comes after the company announced positive Phase III data in chronic constipation that showed "significant improvements in the critical FDA-mandated endpoint of 'Durable Overall Responder Rate,' defined as a patient who is a weekly responder with three or more complete spontaneous bowel movements," according to the analyst note.

Synergy is an attractive takeout target because there is scarcity value to de-risked late-stage assets in large primary care markets, analysts said.

Additionally, the firm lowered their risk rate to 12% from 14%.

The biopharmaceutical company focuses on the development of drugs to treat gastrointestinal (GI) disorders and diseases.

SGYP Chart SGYP data by YCharts

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