Oppenheimer analyst Derek Archila says that while there wasn't much new on yesterday's business update call, he remains encouraged by the ongoing Trulance launch. He believes the recent financing gives Synergy Pharmaceuticals "decent runway" to see what it can achieve with Trulance over the next 12-18 months. The analyst notes, however, that in the case of a takeout, Synergy would likely be required to pre-pay any outstanding loan amount at a 40% premium, which he believes could deter a potential buyer. The analyst still sees value in Synergy shares and keeps an Outperform rating on the name, despite reducing his price target to $6 from $9. Archila admits that he's not completely certain the company can reach cash flow breakeven by 2019 as management suggests.