Synergy Pharmaceuticals (NASDAQ:SGYP) was upgraded by equities researchers at BidaskClub from a “strong sell” rating to a “sell” rating in a note issued to investors on Friday, December 22nd.
A number of other research analysts have also issued reports on the company. Cantor Fitzgerald restated an “overweight” rating and set a $11.00 price objective on shares of Synergy Pharmaceuticals in a research report on Friday, September 8th. Oppenheimer reduced their price target on Synergy Pharmaceuticals from $9.00 to $6.00 and set an “outperform” rating for the company in a research report on Friday, September 8th. ValuEngine lowered Synergy Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. BTIG Research reissued a “buy” rating and issued a $11.00 price objective on shares of Synergy Pharmaceuticals in a research note on Friday, September 8th. Finally, Canaccord Genuity set a $13.00 price objective on Synergy Pharmaceuticals and gave the stock a “buy” rating in a research note on Sunday, November 12th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. Synergy Pharmaceuticals currently has a consensus rating of “Hold” and a consensus target price of $8.38.
Shares of Synergy Pharmaceuticals (SGYP) traded down $0.03 on Friday, hitting $2.39. The stock had a trading volume of 6,041,895 shares, compared to its average volume of 6,370,000. The firm has a market cap of $589.52, a price-to-earnings ratio of -2.06 and a beta of 1.22. The company has a current ratio of 4.26, a quick ratio of 3.88 and a debt-to-equity ratio of -68.13. Synergy Pharmaceuticals has a one year low of $1.68 and a one year high of $7.15.
Synergy Pharmaceuticals (NASDAQ:SGYP) last issued its earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.06. The firm had revenue of $5.01 million during the quarter, compared to analyst estimates of $4.53 million. During the same quarter in the previous year, the business posted ($0.22) EPS. sell-side analysts forecast that Synergy Pharmaceuticals will post -1.03 EPS for the current year.
In other news, major shareholder Paulson & Co. Inc. sold 8,750,000 shares of Synergy Pharmaceuticals stock in a transaction on Friday, November 10th. The stock was sold at an average price of $2.82, for a total transaction of $24,675,000.00. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 3.80% of the company’s stock.
Several hedge funds have recently modified their holdings of SGYP. Renaissance Technologies LLC purchased a new position in shares of Synergy Pharmaceuticals during the first quarter valued at $263,000. Bank of America Corp DE grew its stake in Synergy Pharmaceuticals by 76.8% in the first quarter. Bank of America Corp DE now owns 104,853 shares of the biopharmaceutical company’s stock valued at $489,000 after purchasing an additional 45,554 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in Synergy Pharmaceuticals by 17.5% in the second quarter. Janney Montgomery Scott LLC now owns 35,500 shares of the biopharmaceutical company’s stock valued at $158,000 after purchasing an additional 5,300 shares in the last quarter. Sei Investments Co. grew its stake in Synergy Pharmaceuticals by 18.2% in the second quarter. Sei Investments Co. now owns 367,779 shares of the biopharmaceutical company’s stock valued at $1,637,000 after purchasing an additional 56,595 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. grew its stake in Synergy Pharmaceuticals by 13.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 980,554 shares of the biopharmaceutical company’s stock valued at $4,364,000 after purchasing an additional 119,492 shares in the last quarter. Institutional investors and hedge funds 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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