Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) Upgraded by Zacks Investment Research to Hold

Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday, July 12th.

According to Zacks, “Synergy Pharmaceuticals, Inc. is a biopharmaceutical company focused primarily on the development of drugs to treat gastrointestinal disorders and diseases. Its lead drug candidate plecanatide is a guanylyl cyclase C receptor agonist, to treat GI disorders, primarily chronic constipation and constipation-predominant- irritable bowel syndrome. It is also engaged in developing receptor agonist for the treatment of gastrointestinal inflammatory diseases, such as ulcerative colitis. Synergy Pharmaceuticals, Inc. is headquartered in New York, New York. “

SGYP has been the subject of a number of other research reports. Oppenheimer Holdings, Inc. set a $9.00 target price on shares of Synergy Pharmaceuticals and gave the stock a “buy” rating in a research report on Wednesday, May 10th. BTIG Research reiterated a “buy” rating and set a $11.00 price target on shares of Synergy Pharmaceuticals in a report on Wednesday, May 31st. Citigroup Inc. reiterated a “sell” rating and set a $3.70 price target on shares of Synergy Pharmaceuticals in a report on Wednesday, June 28th. Rodman & Renshaw restated a “buy” rating and issued a $18.00 target price on shares of Synergy Pharmaceuticals in a report on Tuesday, May 23rd. Finally, Cantor Fitzgerald initiated coverage on shares of Synergy Pharmaceuticals in a report on Thursday, June 1st. They issued an “overweight” rating and a $11.00 target price for the company. Four analysts have rated the stock with a sell rating and eight have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $10.07.

Synergy Pharmaceuticals (NASDAQ SGYP) traded down 2.93% on Wednesday, hitting $2.98. The company’s stock had a trading volume of 15,822,439 shares. Synergy Pharmaceuticals has a 12 month low of $2.88 and a 12 month high of $7.15. The firm’s market cap is $670.36 million. The firm has a 50 day moving average of $4.15 and a 200 day moving average of $4.62.

Synergy Pharmaceuticals (NASDAQ:SGYP) last announced its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by $0.08. The business had revenue of $2.31 million for the quarter, compared to the consensus estimate of $1.98 million. During the same period in the prior year, the firm posted ($0.23) EPS. Equities research analysts forecast that Synergy Pharmaceuticals will post ($1.05) earnings per share for the current fiscal year.

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In other news, major shareholder Paulson & Co. Inc. sold 26,287 shares of the business’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $3.77, for a total transaction of $99,101.99. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 3.80% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. Tudor Investment Corp Et Al boosted its stake in Synergy Pharmaceuticals by 1.3% in the fourth quarter. Tudor Investment Corp Et Al now owns 18,376 shares of the biopharmaceutical company’s stock valued at $112,000 after buying an additional 232 shares in the last quarter. Amalgamated Bank boosted its stake in Synergy Pharmaceuticals by 7.9% in the first quarter. Amalgamated Bank now owns 24,013 shares of the biopharmaceutical company’s stock valued at $112,000 after buying an additional 1,758 shares in the last quarter. Advisor Group Inc. boosted its stake in Synergy Pharmaceuticals by 25.2% in the second quarter. Advisor Group Inc. now owns 25,625 shares of the biopharmaceutical company’s stock valued at $114,000 after buying an additional 5,150 shares in the last quarter. Captrust Financial Advisors bought a new stake in Synergy Pharmaceuticals during the second quarter valued at about $122,000. Finally, Stephens Inc. AR boosted its stake in Synergy Pharmaceuticals by 39.0% in the second quarter. Stephens Inc. AR now owns 28,500 shares of the biopharmaceutical company’s stock valued at $127,000 after buying an additional 8,000 shares in the last quarter. 67.46% of the stock is currently owned by hedge funds and other institutional investors.

Synergy Pharmaceuticals Company Profile

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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