Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP)‘s stock had its “buy” rating reaffirmed by equities research analysts at Cantor Fitzgerald in a research note issued to investors on Thursday. They currently have a $11.00 price target on the biopharmaceutical company’s stock. Cantor Fitzgerald’s price target suggests a potential upside of 269.13% from the stock’s previous close.
The analysts wrote, “Management upbeat about early returns. SGYP reported 2Q17 results and posted a new corporate presentation to provide an update of the Trulance launch (here). We spoke with management (no results call was held) to hear its views regarding how the launch is proceeding. Acknowledging the inherent positive bias of company managements that have launched their inaugural product, we believe metrics provided by SGYP may, however, show an objective snapshot of the launch.””
A number of other brokerages have also commented on SGYP. BTIG Research restated a “buy” rating and issued a $11.00 target price on shares of Synergy Pharmaceuticals in a research note on Tuesday, June 27th. BidaskClub upgraded Synergy Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, June 23rd. Zacks Investment Research upgraded Synergy Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Canaccord Genuity restated a “buy” rating and issued a $13.00 target price on shares of Synergy Pharmaceuticals in a research note on Monday, July 10th. Finally, Citigroup Inc. restated a “sell” rating and issued a $3.70 target price on shares of Synergy Pharmaceuticals in a research note on Wednesday, June 28th. Four research analysts have rated the stock with a sell rating and eight have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $10.07.
Synergy Pharmaceuticals (NASDAQ:SGYP) opened at 2.98 on Thursday. The firm’s market capitalization is $670.36 million. The firm’s 50-day moving average is $4.15 and its 200-day moving average is $4.62. Synergy Pharmaceuticals has a 12 month low of $2.88 and a 12 month high of $7.15.
Synergy Pharmaceuticals (NASDAQ:SGYP) last issued its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by $0.08. The company had revenue of $2.31 million during the quarter, compared to analyst estimates of $1.98 million. During the same period last year, the firm earned ($0.23) EPS. On average, equities research analysts expect that Synergy Pharmaceuticals will post ($1.05) EPS for the current year.
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In other Synergy Pharmaceuticals news, major shareholder Paulson & Co. Inc. sold 26,287 shares of the stock in a transaction on Monday, August 7th. The stock was sold at an average price of $3.77, for a total transaction of $99,101.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Amalgamated Bank boosted its stake in shares of 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 during the last quarter. Advisor Group Inc. boosted its stake in shares of 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 during the last quarter. Captrust Financial Advisors acquired a new stake in shares of Synergy Pharmaceuticals during the second quarter valued at approximately $122,000. Stephens Inc. AR boosted its stake in shares of 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 during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its stake in shares of Synergy Pharmaceuticals by 637.1% in the second quarter. BNP Paribas Arbitrage SA now owns 28,776 shares of the biopharmaceutical company’s stock valued at $128,000 after buying an additional 24,872 shares during the last quarter. Hedge funds and other institutional investors own 67.46% of the company’s stock.
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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