Long Position on SGYP @ $6.10 on 2/2/2017 (Momentum)

Synergy Pharmaceuticals Inc. (SGYP) focuses on the development of drugs to treat gastrointestinal (GI) disorders and diseases.

Its lead product candidate is plecanatide, a guanylyl cyclase C receptor agonist that is in Phase III clinical trials to treat chronic idiopathic constipation GI disorders; and for the treatment of constipation-predominant irritable bowel syndrome GI disorders.

The company is also developing SP-333, which is in Phase II clinical trials to treat opioid induced constipation, as well as in Phase Ib clinical trials to treat ulcerative colitis.

The company has a research collaboration with BIND Therapeutics, Inc. to develop ACCURINS for treatment of a range of cells with novel therapeutic payloads. 

Shares are heading higher in an upwrd trading channel. The firm sold 20 million shares yesterday, raising $120 million. Sale of the stock brought shares to the lower boundary of the said channel. Higher share prices are expected for this stock from this level.

52-Weeks Trading Range: $2.50 - $7.15

Entry Point: $6.10

Stop Loss: $5.80

Target Price: $6.80

Updates

2/22/2017 10:05:13 AM

SGYP closed at $5.68

Position closed on 2/22/2017 at price of $5.68 with a -6.89% loss in 20 days.

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