Synergy Pharmaceuticals, Inc. (SGYP) Given a $13.00 Price Target at Canaccord Genuity

Canaccord Genuity set a $13.00 price target on Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) in a research note issued to investors on Monday, July 31st. The brokerage currently has a buy rating on the biopharmaceutical company’s stock.

A number of other brokerages have also weighed in on SGYP. BTIG Research reaffirmed a buy rating and issued a $11.00 target price on shares of Synergy Pharmaceuticals in a research note on Saturday, April 22nd. Zacks Investment Research downgraded shares of Synergy Pharmaceuticals from a hold rating to a sell rating in a research note on Tuesday, July 18th. HC Wainwright reiterated a buy rating and issued a $18.00 target price on shares of Synergy Pharmaceuticals in a research note on Monday, June 12th. ValuEngine downgraded shares of Synergy Pharmaceuticals from a hold rating to a sell rating in a research note on Tuesday, May 23rd. Finally, Cantor Fitzgerald reiterated an overweight rating and issued a $11.00 target price on shares of Synergy Pharmaceuticals in a research note on Friday, June 9th. Four research analysts have rated the stock with a sell rating and eight have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $10.07.

Shares of Synergy Pharmaceuticals (SGYP) traded up 0.34% during mid-day trading on Monday, hitting $2.91. The company had a trading volume of 3,905,872 shares. The firm’s market cap is $654.62 million. Synergy Pharmaceuticals has a 12-month low of $2.85 and a 12-month high of $7.15. The firm’s 50 day moving average is $3.93 and its 200-day moving average is $4.51.

Synergy Pharmaceuticals (NASDAQ:SGYP) last released its quarterly earnings data on Wednesday, August 9th. The biopharmaceutical company reported ($0.33) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.25) by $0.08. The company had revenue of $2.31 million for the quarter, compared to analyst estimates of $1.98 million. During the same period in the prior year, the company posted ($0.23) EPS. On average, equities analysts expect that Synergy Pharmaceuticals will post ($1.09) 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 firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $3.77, for a total value of $99,101.99. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 3.80% of the company’s stock.

Institutional investors have recently modified their holdings of the company. State Street Corp raised its position in shares of Synergy Pharmaceuticals by 100.9% in the first quarter. State Street Corp now owns 12,626,115 shares of the biopharmaceutical company’s stock worth $58,841,000 after buying an additional 6,342,446 shares during the period. TimesSquare Capital Management LLC acquired a new position in shares of Synergy Pharmaceuticals during the first quarter worth approximately $11,650,000. Vanguard Group Inc. raised its position in shares of Synergy Pharmaceuticals by 18.8% in the first quarter. Vanguard Group Inc. now owns 15,785,763 shares of the biopharmaceutical company’s stock worth $73,561,000 after buying an additional 2,493,557 shares during the period. Pictet Asset Management Ltd. acquired a new position in shares of Synergy Pharmaceuticals during the first quarter worth approximately $8,484,000. Finally, OxFORD Asset Management LLP acquired a new position in shares of Synergy Pharmaceuticals during the second quarter worth approximately $6,372,000. Institutional investors own 67.56% 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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