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Fly News Breaks for June 17, 2015
VRX, SGYP
Jun 17, 2015 | 11:41 EDT
Cantor Fitzgerald raised its price target for Synergy Pharmaceuticals (SGYP) to $14 from $8.50 saying it views the company as an "attractive takeout target" following the positive Phase III data in chronic constipation. Cantor now expects peak sales of the company’s plecanatide drug to be greater than $1.5B in 2023, up from $1.15B previously. It believes the drug would be complementary to Valeant's (VRX) gastrointestinal franchise after the recent approval of Xifaxan in irritable bowel syndrome. The firm reiterates a Buy rating on Synergy.
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