This showed that it would jump a bit more the following day. However it looks like its jumping around a top a bit with the red candle with a tail on top, showing it attempted to go higher but could not. Now lets look at the fundimentals:
Synergy Pharmaceuticals Inc. (NASDAQ: SGYP) had an absolutely enormous day on Wednesday. News of its constipation drug study sent shares up 68% to $7.78 on a whopping 64 million shares. 24/7 Wall St. does not ordinarily cover analyst calls on individual small-cap stocks, but a fresh report based on Wednesday’s closing price implies that Synergy shares, even after the monumental gain the prior day, could actually more than double.
Corey Davis and Lidia Liu from Canaccord Genuity already had a Buy rating on this stock. What stands out in the call is that the price target was raised to $19 from $11. If things go the way that Canaccord’s team expects, then investors could still see an implied upside of a whopping 144% or so.
Investors might also want to consider that Synergy’s highest target was the $11.00 target from Canaccord Genuity. Of the five firms that cover Synergy, Canaccord’s note sounds funny: “This thang don’t stank.”
The firm said that Synergy announced best positive top-line results it could have hoped for from the first of its two Phase 3 trials for plecanatide in chronic idiopathic constipation (CIC). They noted that both doses, the 3 mg and the 6 mg, met the primary endpoint with flying colors by demonstrating statistical significance in the percentage of durable responder patients.
What do you notice about the fundamentals? ALL FORWARD THINKING. Once the afterglow is off this stock with the news of Greece sinking in next week, I think things are not going to be so good for the market, and this stock will stumble.
We double down and purchase the 10s.
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