Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) was up 9% during mid-day trading on Friday . The company traded as high as $3.07 and last traded at $3.02. Approximately 7,802,035 shares traded hands during mid-day trading, an increase of 50% from the average daily volume of 5,190,381 shares. The stock had previously closed at $2.77.
A number of equities research analysts have recently issued reports on SGYP shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $11.00 target price on shares of Synergy Pharmaceuticals in a research report on Friday, September 8th. BTIG Research reissued a “buy” rating and issued a $11.00 target price on shares of Synergy Pharmaceuticals in a research report on Friday, September 8th. Zacks Investment Research cut shares of Synergy Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Tuesday, July 18th. Citigroup Inc reissued a “sell” rating and issued a $2.50 target price (down previously from $3.20) on shares of Synergy Pharmaceuticals in a research report on Wednesday, September 13th. Finally, ValuEngine cut shares of Synergy Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $8.90.
The company has a debt-to-equity ratio of 0.39, a quick ratio of 2.07 and a current ratio of 2.33.
Synergy Pharmaceuticals (NASDAQ:SGYP) last posted its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.33) earnings per share for the quarter, missing the Thomson Reuters’ 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 quarter last year, the firm earned ($0.23) EPS. sell-side analysts expect that Synergy Pharmaceuticals, Inc. will post -1.13 EPS for the current year.
In related news, major shareholder Paulson & Co. Inc. sold 26,287 shares of Synergy Pharmaceuticals 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 document filed with the SEC, which is accessible through this hyperlink. Insiders own 3.80% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Alliancebernstein L.P. lifted its holdings in shares of Synergy Pharmaceuticals by 25.9% during the 2nd quarter. Alliancebernstein L.P. now owns 339,330 shares of the biopharmaceutical company’s stock valued at $1,510,000 after acquiring an additional 69,800 shares in the last quarter. Sei Investments Co. lifted its holdings in Synergy Pharmaceuticals by 18.2% in the 2nd quarter. Sei Investments Co. now owns 367,779 shares of the biopharmaceutical company’s stock worth $1,637,000 after buying an additional 56,595 shares in the last quarter. Swiss National Bank lifted its holdings in Synergy Pharmaceuticals by 14.4% in the 2nd quarter. Swiss National Bank now owns 371,650 shares of the biopharmaceutical company’s stock worth $1,654,000 after buying an additional 46,800 shares in the last quarter. State of Wisconsin Investment Board acquired a new position in Synergy Pharmaceuticals in the 2nd quarter worth $730,000. Finally, JPMorgan Chase & Co. lifted its holdings in Synergy Pharmaceuticals by 60.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,988,200 shares of the biopharmaceutical company’s stock worth $8,848,000 after buying an additional 752,475 shares in the last quarter. Institutional investors and hedge funds own 71.36% of the company’s stock.
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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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