Synergy Pharmaceuticals Inc (NASDAQ:SGYP) is having a relatively strong day in the market today, and for good reason. The company released new data with regard to Plecanatide, its lead candidate. Today, we’ll talk about the data that was released, what we’re seeing from the stock, and what we can expect to see from SGYP ahead.
SGYP Releases New Plecanatide Data
Plecanatide is a very important compound for Synergy Pharmaceuticals Inc (NASDAQ:SGYP). Over the years, the company has been working on the compound as a dual indication treatment for both chronic idiopathic constipation and irritable bowel syndrome with constipation. At the moment, the treatment is being evaluated by the FDA for both indications.
Today, we received news that further strengthens the argument for FDA approval coming down the line. In a press release early this morning, we learned about clinical data that SGYP presented at the American College of Gastroenterology Annual Scientific Meeting. The data was, of course, overwhelmingly positive.
The data surrounded a long-term study in which 2,370 patients were treated. Today, the company released new long-term safety data that showed that Plecanatide was associated with low adverse events and low discontinuation rates in patients with CIC. These results were found in patients who received between 3mg and 6mg once daily doses of plecanatide for up to 72 weeks. In a statement, Patrick H. Griffin, MD, FACP, EVP and Chief Medical Officer at SGYP, had the following to offer:
“Synergy has pioneered a different way to think about constipation, whis is reflected in our approach to plecanatide… We are excited to bring these new data to gastroenterologists at ACG. We are committed to developing and bringing to market novel therapies that offer the potential to significantly improve the lives of patients living with CIC and other GI conditions.”
What We’re Seeing From The Stock
With the positive news release, we saw relatively strong gains in the value of Synergy Pharmaceuticals Inc (NASDAQ:SGYP) early on today. Unfortunately, however, shortly after hitting a peak at $5.32 per share, SGYP reversed direction briefly. Currently, the stock is trading at $5.28 per share, up by 3.03% in today’s session.
What I’m Expecting To See Moving Forward
Moving forward, I have an overwhelmingly bullish expectation of what we can expect to see from Synergy Pharmaceuticals. I’ve been following the Plecanatide studies for some time now, and I don’t know if SGYP could come up with negative data about the treatment if they tried. Ultimately, I’m expecting that Plecanatide will be approved in both the CIC and the IBS-C indications with flying colors. Of course, this will allow the company to bring a treatment to market, leading to strong revenue and profit opportunities. All in all, I’m expecting to see gains ahead.
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Note: This article was written by Joshua Rodriguez, owner and founder of CNA Finance. If you would like to connect with Joshua, you can do so by emailing him at CNAFinanceHelp@gmail.com!