Synergy Pharmaceuticals Inc (SGYP) Short Interest Update

Synergy Pharmaceuticals Inc (NASDAQ:SGYP) saw a large increase in short interest in December. As of December 29th, there was short interest totalling 75,531,974 shares, an increase of 1.2% from the December 15th total of 74,643,534 shares. Based on an average daily trading volume, of 5,373,686 shares, the days-to-cover ratio is currently 14.1 days. Currently, 30.7% of the shares of the stock are sold short.

A number of research analysts recently weighed in on the stock. HC Wainwright set a $8.00 target price on shares of Synergy Pharmaceuticals and gave the company a “buy” rating in a research note on Wednesday, October 18th. BTIG Research reiterated a “buy” rating and issued a $7.00 price target on shares of Synergy Pharmaceuticals in a report on Tuesday, November 14th. BidaskClub upgraded shares of Synergy Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Friday, December 22nd. CIBC reiterated a “market perform” rating on shares of Synergy Pharmaceuticals in a report on Friday, January 5th. Finally, Citigroup downgraded shares of Synergy Pharmaceuticals to a “market perform” rating in a report on Friday, January 5th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $8.38.

Shares of Synergy Pharmaceuticals (NASDAQ SGYP) opened at $2.39 on Monday. The company has a quick ratio of 3.88, a current ratio of 4.26 and a debt-to-equity ratio of -68.13. The stock has a market cap of $589.52, a price-to-earnings ratio of -2.06 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 (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.06. The company had revenue of $5.01 million during the quarter, compared to the consensus estimate of $4.53 million. During the same quarter in the prior year, the firm posted ($0.22) earnings per share. equities research analysts predict that Synergy Pharmaceuticals will post -1.03 earnings per share for the current year.

In related news, major shareholder Paulson & Co. Inc. sold 8,750,000 shares of Synergy Pharmaceuticals stock in a transaction on Friday, November 10th. The shares were sold at an average price of $2.82, for a total transaction of $24,675,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 3.80% of the stock is currently owned by insiders.

Institutional investors have recently bought and sold shares of the company. Alliancebernstein L.P. increased its holdings in shares of Synergy Pharmaceuticals by 25.9% in the 2nd quarter. Alliancebernstein L.P. now owns 339,330 shares of the biopharmaceutical company’s stock worth $1,510,000 after buying an additional 69,800 shares during the last quarter. Swiss National Bank increased its holdings in shares of Synergy Pharmaceuticals by 14.4% in the 2nd quarter. Swiss National Bank now owns 371,650 shares of the biopharmaceutical company’s stock worth $1,654,000 after buying an additional 46,800 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Synergy Pharmaceuticals by 60.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,988,200 shares of the biopharmaceutical company’s stock worth $8,848,000 after buying an additional 752,475 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Synergy Pharmaceuticals by 10.4% in the 2nd quarter. Vanguard Group Inc. now owns 17,422,326 shares of the biopharmaceutical company’s stock worth $77,530,000 after buying an additional 1,636,563 shares during the last quarter. Finally, Alyeska Investment Group L.P. increased its holdings in shares of Synergy Pharmaceuticals by 42.0% in the 3rd quarter. Alyeska Investment Group L.P. now owns 2,355,681 shares of the biopharmaceutical company’s stock worth $6,831,000 after buying an additional 696,911 shares during 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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