Wednesday’s Morning Insights: Synergy Pharmaceuticals Inc (SGYP), Enteromedics Inc. (ETRM), Zogenix, Inc. (ZGNX), Onconova Therapeutics Inc (ONTX)
Synergy Pharmaceuticals Inc (NASDAQ:SGYP) has increased $5.78 in mid-day trading to $8.78 as the company announced two new additions to its Board of Directors. Timothy Callahan, a global life sciences business leader, and Richard Daly, a seasoned commercial pharmaceutical expert, will join the Board. Furthermore, yesterday the biotechnology company announced that it will be presenting a corporate update at the Cantor Fitzgerald Healthcare Conference on July 8 in New York City. Based on the analysts polled by TipRanks, four recommend buying Synergy Pharma. On average, the 12-month price target is $16.50 marking a potential 89% upside from where the stock is currently trading.
Enteromedics Inc. (NASDAQ:ETRM) is down 0.68% in mid-day trading after the company announced the pricing of previously confirmed public offering of over 40 million units. Each unit will cost $0.87 and include one share of common stock, half of a Series A warrant to buy a share of common stock, and half of a Series B warrant to buy a share of common stock. Investors whose purchase of units end up owning more than the original ownership limitation will be given the chance to purchase more units with Series C pre-funded warrants in replacement of any common stock they would have otherwise purchased for $0.87. According to TipRanks, there is two analysts who is bullish on ETRM.
Zogenix, Inc. (NASDAQ:ZGNX) is up 2.5% in mid-day trading after jumping up almost 12% throughout yesterday. The jump in the company’s shares was due to shareholders agreeing to a reverse stock-split of Zogenix’s outstanding common shares at an exchange ratio of 1-for-8. Additionally, shareholders also approved a proposal to change the number of authorized shares of common stock to 50 million. There are two analysts polled by TipRanks who cover Zogenix, both with bullish views.
Onconova Therapeutics Inc (NASDAQ:ONTX) is up more than 11% in mid-day trading after yesterday’s Key Opinion Leader breakfast in New York City focusing on the MDS, or myelodysplastic syndromes. Conversations included Onconova’s pipeline treatment for MDS, rigosertib. Onconva management provided an overview on rigosertib at the meeting, highlighting the design of the Phase 3 trial of rigosertib in higher-risk patients currently being planned. Rigosertib as a combination therapy is currently in Phase 2 testing, and rigosertib in lower risk MDS has completed Phase 2 testing.