H.C. Wainwright analyst Raghuram Selvaraju lowered his price target for Synergy Pharmaceuticals to $8 saying the ramp for Trulance is likely to be "meaningfully slower" than he originally anticipated. Further, management have indicated that direct-to-consumer advertising is likely to be part of the promotional strategy, which could increase total marketing expenses significantly, Selvaraju tells investors in a research note. He lowered his 2017 Trulance sales estimate to $17.5M from $27.7M and 2018 estimate to $85.4M from $172.5M. The analyst also removed all contributions from Synergy's pipeline from his valuation assessment, based on the assumption that the company is unlikely to undertake significant R&D initiatives in the near future. Selvaraju reiterates a Buy rating on the shares.