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SGYP

Synergy Pharmaceuticals

$1.38

0.09 (6.98%)

17:05
10/25/18
10/25
17:05
10/25/18
17:05

Synergy sees FY18 TRULANCE net sales $42M-$47M

Synergy Pharmaceuticals said that TRULANCE uptake in 2018 has been slower than anticipated due to a highly competitive market access environment and slower than anticipated overall market growth. As a result, based on the company's current updated forecasts, Synergy is projecting TRULANCE total net sales for 2018 to be between $42M-$47M, which would be below the minimum revenue covenant of $61M set forth in its term loan agreement with CRG. Under the terms of the agreement, Synergy will be required to repay principal and pay prepayment penalties in an amount equal to $38M-$51M if total net sales fall within the expected range noted above. Such principal repayment and prepayment penalties will be due no later than March 31, 2019. As previously announced, the company has continued to evaluate opportunities to reduce cash expenditures to better align with anticipated revenues and available capital.

SGYP Synergy Pharmaceuticals
$1.38

0.09 (6.98%)

11/14/17
BTIG
11/14/17
NO CHANGE
Target $7
BTIG
Buy
Synergy Pharmaceuticals price target lowered to $7 from $11 at BTIG
BTIG analyst Timothy Chiang lowered his price target on Synergy Pharmaceuticals to $7, saying the revision reflects the potential risk of need for additional equity funding by late 2018/early 2019. Chiang notes that the company may be able to access $100M early next year as part of its loan agreement with CRG LP, but it must meet market cap and Trulance sales minimum requirements. The analyst keeps his Buy rating on Synergy Pharmaceuticals, saying the company is in position to benefit from increased payer access for Trulance in 2018 and the potential for an expanded treatment indication for IBS-C.
01/05/18
OPCO
01/05/18
DOWNGRADE
OPCO
Perform
Synergy Pharmaceuticals downgraded to Perform from Outperform at Oppenheimer
Oppenheimer analyst Derek Archila downgraded Synergy Pharmaceuticals to Perform citing the "nagging capital overhang." The analyst sees the potential for additional dilutive financing in 2018 saying the company may not be able to qualify for the third and fourth tranches of funding from the CRG deal. Any additional equity offerings may require a meaningful discount to the current stock price, Archila tells investors in a research note.
01/25/18
WELS
01/25/18
NO CHANGE
WELS
Outperform
Ironwood outlook unchanged after Trulance approval, says Wells Fargo
Wells Fargo analyst David Maris said that Synergy Pharmaceuticals (SGYP) received FDA approval for Trulance for the treatment of irritable bowel syndrome with constipation, to add to the drug's existing approval for chronic idiopathic constipation. Ironwood's (IRWD) Linzess was initially approved in 2012 for both IBS-C and CIC, noted Maris, who said he expected Trulance's approval in IBS-C and is not making any changes to his Ironwood model following the news. He believes Trulance was already being used off label in IBS-C to some degree, but will be watching if the new on-label indication impacts market share, he said. Maris keeps an Outperform rating on Ironwood shares.
01/25/18
BTIG
01/25/18
NO CHANGE
Target $7
BTIG
Buy
Synergy funding worries may be overdone, says BTIG
BTIG analyst Timothy Chiang noted that Synergy Pharmaceuticals (SGYP) announced that Trulance received expanded FDA approval for IBS-C, which puts it more on par with market leader Linzess from Ironwood (IRWD) and Allergan (AGN). He sees Trulance benefiting from increased payor access and believes the company will have sufficient cash in order to gain access to a second loan tranche of $100M expected by next month, stating that funding worries may be overdone. Chiang keeps a Buy rating and $7 price target on Synergy shares.

TODAY'S FREE FLY STORIES

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AGRO

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HAIN

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NTDOY

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URBN

Urban Outfitters

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0.05 (0.19%)

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GLD

SPDR Gold Shares

$120.34

-0.31 (-0.26%)

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ASCMA

Ascent Capital

$0.91

0.0502 (5.87%)

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TRS

TriMas

$30.33

0.39 (1.30%)

17:33
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TriMas VP Joshua Sherbin sells over $646K in company shares »

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SUNW

Sunworks

$0.71

-0.1024 (-12.65%)

17:33
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Syndicate
Breaking Syndicate news story on Sunworks »

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LFUS

Littelfuse

$170.78

1.7 (1.01%)

, SMTC

Semtech

$44.74

0.36 (0.81%)

17:32
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Initiation
Littelfuse, Semtech, CTS Corporation, Vishay initiated  »

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$170.78

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Semtech

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CTS

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VSH

Vishay

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GVA

Granite Construction

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OMC

Omnicom

$80.09

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TTEC

TTEC Holdings

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TDW

Tidewater

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PTCT

PTC Therapeutics

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DRIO

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Syndicate
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RL

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RICK

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LPLA

LPL Financial

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SPX

S&P 500

$0.00

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General news
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$0.00

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CAH

Cardinal Health

$46.90

0.91 (1.98%)

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Conference/Events
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