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Synergy weekly med sales track ahead of views: BTIG

May 31, 2017

BTIG analyst Timothy Chiang reiterated a Buy rating and $11 price target on Synergy Pharmaceuticals (NASDAQ: SGYP) saying Trulance weekly Rx trends continue to track ahead of the firm projections.

Chiang said while shares Synergy have been under relentless pressure, the Trulance’s peak sales potential remains at ~$500M by 2022.

Based on their analysis of prescription trends for Trulance (once-daily dosed plecanatide for the treatment of chronic constipation), they believe weekly run rate figures are now in excess of 800 prescriptions in its 9th week of launch. In addition, the remain confident in the Synergy’s ability to meet the firm’s CY17 Trulance sales estimate of ~$21.5M.

Refills, which is another item they are starting to track, have also begun to ramp. The analyst notes the most recent week ending May 19, Symphony Healthcare reported ~101 refills being dispensed. “We do think refills will be important to watch, as this is an indicator of patients continuing on Rx treatment,” he commented.

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