Synergy Pharmaceuticals Inc (NASDAQ:SGYP) is anticipated to release pivotal Phase 3 top-line results in IBS-C in the fourth-quarter of this year. Ahead of the data, BTIG analyst Tim Chiang reiterates a Buy rating on shares of SGYP with an $11 price target, which represents a 94% increase from where the stock is currently trading.

Chiang asserts, “We believe visibility on plecanatide (the Co.’s late stage pipeline product for the treatment of chronic idiopathic constipation – CIC, and constipation predominant IBS) could improve heading into the Fall as we expect additional data to be released at the upcoming ACG meeting in mid-October. We remain positive on SGYP shares as we think plecanatide is likely to gain FDA approval (for the treatment of chronic constipation) in early 2017 (Jan. 29 PDUFA date).”

The analyst’s sales estimates for the calendar years of 2017 through 2019 for the CIC treatment indication are respectively $35 million, $125 million, and $250 million. If the next two pivotal Phase 3 trials prove positive in results, there is a real chance that an NDA filing for an IBS-C treatment indication comes to pass by first quarter of 2017.

“While Synergy is currently planning on commercializing plecanatide on its own, we believe a partnership with a larger Co. is likely,” Chiang adds, noting a “sizeable potential market opportunity” exists, considering close to 40 million Americans are afflicted with chronic constipation. Currently, most of these patients take OTC laxatives. Chiang concludes, “plecanatide could become another treatment alternative.”

For now, the analyst looks to the upcoming American College of Gastroenterology (ACG) conference approaching mid-October, to be held in Las Vegas, NV, for further details.

According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, five-star analyst Tim Chiang is ranked #123 out of 4,158 analysts. Chiang has a 63% success rate and realizes 23% in his yearly returns. When recommending SGYP, Chiang earns 37.4% in average profits on the stock.

TipRanks analytics exhibit SGYP as a Strong Buy. 100% of analysts polled in the last 3 months rate a Buy on SGYP. The consensus price target stands at $13.00, marking a nearly 131% upside from where the shares last closed.