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Synergy Retreats on Update
Synergy Pharmaceuticals Inc (NASDAQ:SGYP) shares have retreated by 6.7% in morning trading after the biotech issued an update on the ongoing FDA review of the company’s lead product candidate plecanatide for the potential treatment of chronic idiopathic constipation, as well as on the company’s IBS-C clinical development program. According to CEO Gary S. Jacob, Synergy has reached the FDA mid-cycle review milestone and is optimistic about the potential approval of plecanatide for the treatment of CIC by the PDUFA date of January 29, 2017. The company has also decided to continue patient enrollment for two ongoing phase III clinical trials for plecanatide for the potential treatment of IBS-C. Some traders could be selling due to the slower enrollment pace. Synergy remains hopeful that it will file an NDA for plecanatide for the treatment of IBS-C in the first quarter of 2017. Of the 766 active funds that we track, 21 collectively owned $73.66 million worth of Synergy Pharmaceuticals Inc (NASDAQ:SGYP) shares on March 31, which accounted for 23.50% of the float.
PNC Reports Mixed Results
PNC Financial Services Group Inc (NYSE:PNC) is slightly in the green this morning after the bank reported earnings of $1.82 per share on revenue of $3.79 billion for the second quarter. The results beat analysts’ bottom-line estimate by $0.07 per share but missed the top-line consensus by $20 million. Net interest income rose by 1% year-over-year while NIM inched lower by 3.0 basis points to 2.7%. PNC’s book value rose to $85.33 per share from $79.64 per share year-over-year. Cliff Asness‘ AQR Capital Management reported holding a stake of more than 4.5 million shares in PNC Financial Services Group Inc (NYSE:PNC) as of the end of March.
On the next page we’ll find out why US Bancorp, QUALCOMM, and Yahoo are generating buzz this morning.