Synergy Pharmaceuticals (NASDAQ:SGYP) has been assigned a $7.00 target price by research analysts at HC Wainwright in a note issued to investors on Monday. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. HC Wainwright’s price objective indicates a potential upside of 212.50% from the stock’s current price.
A number of other analysts have also recently weighed in on SGYP. Zacks Investment Research upgraded Synergy Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Wednesday, September 13th. Citigroup reiterated a “sell” rating and set a $2.50 price target (down from $3.20) on shares of Synergy Pharmaceuticals in a research report on Wednesday, September 13th. Oppenheimer set a $6.00 price target on Synergy Pharmaceuticals and gave the stock a “buy” rating in a research report on Tuesday, October 10th. Canaccord Genuity set a $13.00 price target on Synergy Pharmaceuticals and gave the stock a “buy” rating in a research report on Sunday, November 12th. Finally, BTIG Research reiterated a “buy” rating and set a $7.00 price target on shares of Synergy Pharmaceuticals in a research report on Tuesday, November 14th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $8.38.
Shares of Synergy Pharmaceuticals (NASDAQ SGYP) traded up $0.02 during trading on Monday, hitting $2.24. The stock had a trading volume of 3,859,000 shares, compared to its average volume of 7,268,733. The company has a debt-to-equity ratio of -68.13, a current ratio of 4.26 and a quick ratio of 3.88. The firm has a market cap of $545.12, a PE ratio of -1.93 and a beta of 1.22. Synergy Pharmaceuticals has a fifty-two week low of $1.68 and a fifty-two week high of $7.15.
Synergy Pharmaceuticals (NASDAQ:SGYP) last announced its quarterly earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.22) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.06. The company had revenue of $5.01 million for the quarter, compared to analyst estimates of $4.53 million. During the same quarter in the previous year, the company posted ($0.22) earnings per share. research analysts forecast that Synergy Pharmaceuticals will post -1.04 EPS for the current year.
In related news, major shareholder Paulson & Co. Inc. sold 8,750,000 shares of the firm’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $2.82, for a total value of $24,675,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 3.80% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of SGYP. Vanguard Group Inc. increased its position in Synergy Pharmaceuticals by 10.4% in the 2nd quarter. Vanguard Group Inc. now owns 17,422,326 shares of the biopharmaceutical company’s stock valued at $77,530,000 after acquiring an additional 1,636,563 shares during the period. Cheyne Capital Management UK LLP increased its position in Synergy Pharmaceuticals by 1,060.7% in the 3rd quarter. Cheyne Capital Management UK LLP now owns 1,625,000 shares of the biopharmaceutical company’s stock valued at $188,000 after acquiring an additional 1,485,000 shares during the period. OxFORD Asset Management LLP acquired a new stake in Synergy Pharmaceuticals in the 2nd quarter valued at approximately $6,372,000. JPMorgan Chase & Co. boosted its stake in Synergy Pharmaceuticals by 71.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,405,377 shares of the biopharmaceutical company’s stock valued at $8,820,000 after purchasing an additional 1,417,177 shares in the last quarter. Finally, Hikari Power Ltd boosted its stake in Synergy Pharmaceuticals by 200.0% during the 3rd quarter. Hikari Power Ltd now owns 1,500,000 shares of the biopharmaceutical company’s stock valued at $4,350,000 after purchasing an additional 1,000,000 shares in the last quarter. Hedge funds and other institutional investors own 60.42% of the company’s stock.
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About Synergy Pharmaceuticals
Synergy Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of gastrointestinal (GI) therapies. The Company’s product candidates include TRULANCE (plecanatide) and dolcanatide. The Company is engaged in the discovery, research and development efforts around analogs of uroguanylin for the treatment of GI diseases and disorders.
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