Synergy Pharmaceuticals Inc (NASDAQ:SGYP) was the target of a significant decline in short interest in May. As of May 31st, there was short interest totalling 61,357,361 shares, a decline of 2.0% from the May 15th total of 62,620,901 shares. Currently, 24.9% of the company’s shares are sold short. Based on an average daily trading volume, of 2,608,186 shares, the days-to-cover ratio is currently 23.5 days.
Hedge funds and other institutional investors have recently made changes to their positions in the business. HBK Sorce Advisory LLC purchased a new stake in Synergy Pharmaceuticals during the 4th quarter worth about $103,000. MetLife Investment Advisors LLC purchased a new stake in Synergy Pharmaceuticals during the 4th quarter worth about $124,000. Lehman Financial Resources Inc. lifted its holdings in Synergy Pharmaceuticals by 405.9% during the 4th quarter. Lehman Financial Resources Inc. now owns 68,300 shares of the biopharmaceutical company’s stock worth $152,000 after buying an additional 54,800 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in Synergy Pharmaceuticals by 354.8% during the 4th quarter. Teacher Retirement System of Texas now owns 83,552 shares of the biopharmaceutical company’s stock worth $186,000 after buying an additional 65,182 shares during the last quarter. Finally, Mackay Shields LLC purchased a new stake in Synergy Pharmaceuticals during the 1st quarter worth about $295,000. 44.32% of the stock is owned by institutional investors.
Synergy Pharmaceuticals opened at $1.83 on Thursday, according to Marketbeat. Synergy Pharmaceuticals has a 12 month low of $1.42 and a 12 month high of $4.84. The firm has a market cap of $456.47 million, a P/E ratio of -1.79 and a beta of 1.23. The company has a quick ratio of 2.71, a current ratio of 3.09 and a debt-to-equity ratio of -3.01.
Synergy Pharmaceuticals (NASDAQ:SGYP) last released its earnings results on Thursday, May 10th. The biopharmaceutical company reported ($0.15) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.01. Synergy Pharmaceuticals had a negative return on equity of 652.66% and a negative net margin of 773.82%. The firm had revenue of $8.59 million during the quarter, compared to analysts’ expectations of $11.18 million. During the same period in the previous year, the firm posted ($0.30) EPS. Synergy Pharmaceuticals’s revenue for the quarter was up 776.5% on a year-over-year basis. research analysts forecast that Synergy Pharmaceuticals will post -0.59 EPS for the current fiscal year.
SGYP has been the subject of a number of research reports. HC Wainwright set a $7.00 price objective on Synergy Pharmaceuticals and gave the company a “buy” rating in a research note on Sunday, May 13th. Oppenheimer reaffirmed a “hold” rating on shares of Synergy Pharmaceuticals in a research note on Sunday, May 13th. BidaskClub raised Synergy Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Wednesday, February 14th. Zacks Investment Research raised Synergy Pharmaceuticals from a “hold” rating to a “buy” rating and set a $2.25 target price for the company in a research note on Friday, February 16th. Finally, ValuEngine raised Synergy Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Monday, May 7th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $8.08.
About Synergy Pharmaceuticals
Synergy Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization of novel therapies to treat gastrointestinal diseases and disorders. Its lead product is plecanatide, a novel uroguanylin based gastrointestinal platform that is traded under the TRULANCE name for the treatment of chronic idiopathic constipation and irritable bowel syndrome.
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