Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday, July 18th.
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 topic of a number of other reports. BTIG Research reiterated a “buy” rating and issued a $11.00 target price on shares of Synergy Pharmaceuticals in a research report on Tuesday, March 21st. HC Wainwright reiterated a “buy” rating and issued a $18.00 target price on shares of Synergy Pharmaceuticals in a research report on Friday, May 19th. Rodman & Renshaw reissued a “buy” rating and set a $18.00 price objective on shares of Synergy Pharmaceuticals in a research note on Wednesday, March 29th. BidaskClub raised Synergy Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, June 23rd. Finally, Citigroup Inc. cut Synergy Pharmaceuticals from a “neutral” rating to a “sell” rating in a research note on Thursday, April 6th. Four analysts have rated the stock with a sell rating and eight have assigned a buy rating to the company’s stock. Synergy Pharmaceuticals presently has an average rating of “Hold” and a consensus price target of $10.07.
Shares of Synergy Pharmaceuticals (NASDAQ SGYP) traded down 2.93% during mid-day trading on Tuesday, reaching $2.98. The company had a trading volume of 15,822,439 shares. The stock’s market capitalization is $670.36 million. Synergy Pharmaceuticals has a one year low of $2.88 and a one year high of $7.15. 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 quarterly earnings data on Wednesday, August 9th. The biopharmaceutical company reported ($0.33) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.25) by $0.08. The firm had revenue of $2.31 million during the quarter, compared to analyst estimates of $1.98 million. During the same quarter last year, the firm earned ($0.23) EPS. Analysts forecast that Synergy Pharmaceuticals will post ($1.05) EPS for the current fiscal year.
In other 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.80% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in SGYP. Tudor Investment Corp Et Al increased its position 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 during the last quarter. Amalgamated Bank increased 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 in the last quarter. Advisor Group Inc. increased 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 in the last quarter. Captrust Financial Advisors bought a new stake in shares of Synergy Pharmaceuticals during the second quarter valued at $122,000. Finally, Stephens Inc. AR increased 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 in the last quarter. 67.46% of the stock is currently owned by hedge funds and other institutional investors.
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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