Synergy Pharmaceuticals Inc (SGYP) Short Interest Down 15.7% in October

Synergy Pharmaceuticals Inc (NASDAQ:SGYP) saw a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 50,907,833 shares, a decline of 15.7% from the October 15th total of 60,353,927 shares. Approximately 20.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 9,827,463 shares, the short-interest ratio is presently 5.2 days.

Several institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its holdings in shares of Synergy Pharmaceuticals by 2.6% during the 3rd quarter. BlackRock Inc. now owns 22,300,724 shares of the biopharmaceutical company’s stock worth $37,910,000 after purchasing an additional 568,670 shares during the last quarter. Chicago Equity Partners LLC boosted its holdings in shares of Synergy Pharmaceuticals by 153.5% during the 3rd quarter. Chicago Equity Partners LLC now owns 472,535 shares of the biopharmaceutical company’s stock worth $803,000 after purchasing an additional 286,135 shares during the last quarter. Hikari Power Ltd boosted its holdings in shares of Synergy Pharmaceuticals by 8.7% during the 3rd quarter. Hikari Power Ltd now owns 2,500,000 shares of the biopharmaceutical company’s stock worth $4,250,000 after purchasing an additional 200,000 shares during the last quarter. Metropolitan Life Insurance Co. NY boosted its holdings in shares of Synergy Pharmaceuticals by 81.7% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 87,170 shares of the biopharmaceutical company’s stock worth $152,000 after purchasing an additional 39,189 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Synergy Pharmaceuticals by 272.9% during the 2nd quarter. Bank of America Corp DE now owns 243,363 shares of the biopharmaceutical company’s stock worth $423,000 after purchasing an additional 384,085 shares during the last quarter. Institutional investors and hedge funds own 39.30% of the company’s stock.

Several equities research analysts recently issued reports on SGYP shares. HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of Synergy Pharmaceuticals in a report on Tuesday, August 7th. Zacks Investment Research upgraded Synergy Pharmaceuticals from a “hold” rating to a “buy” rating and set a $2.00 price objective on the stock in a report on Tuesday, August 14th. Canaccord Genuity cut Synergy Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Friday, October 26th. BTIG Research cut Synergy Pharmaceuticals from a “buy” rating to a “neutral” rating in a report on Friday, October 26th. Finally, BidaskClub upgraded Synergy Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Thursday, August 9th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $8.17.

Shares of Synergy Pharmaceuticals stock opened at $0.36 on Friday. The company has a market cap of $114.13 million, a PE ratio of -0.35 and a beta of 2.38. Synergy Pharmaceuticals has a 1-year low of $0.35 and a 1-year high of $3.10.

Synergy Pharmaceuticals (NASDAQ:SGYP) last issued its earnings results on Thursday, November 8th. The biopharmaceutical company reported ($0.14) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.13) by ($0.01). The firm had revenue of $11.11 million during the quarter, compared to analyst estimates of $15.65 million. Research analysts predict that Synergy Pharmaceuticals will post -0.54 earnings per share for the current year.

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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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