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Synergy Pharmaceuticals shares spike after positive drug trial results

Synergy Pharma rises after positive results

Shares of Synergy Pharmaceuticals skyrocketed more than 10 percent higher on Friday after the firm reported positive trial results for an irritable bowel syndrome drug.

The drugmaker said preliminary data for plecanatide, an experimental once-daily tablet, met the main goal in second phase 3 study on irritable bowel syndrome patients with constipation.

"We have been relentless in our commitment to develop innovative treatments for the [gastrointestinal] market. The successful phase 3 trials are a major step in our mission to better serve patients," CEO Gary Jacob said in a release.

Analysts at BTIG said in a Thursday afternoon note that they expect "larger pharma companies could see value in acquiring the Co. for plecanatide." The firm did not call out any specific suitors.

The Financial Times reported in September that Takeda Pharmaceutical had allocated up to $15 billion for acquisitions within the sector, and Citigroup reportedly said Synergy could be a target for the Japan-based firm.

Synergy did not immediately respond to CNBC's request for comment.

The firm's stock has been on a tear over the past six months, rising more than 35 percent during that time period.

SGYP 6-month chart

Source: FactSet