Synergy Pharmaceuticals Inc (SGYP) Short Interest Update

Synergy Pharmaceuticals Inc (NASDAQ:SGYP) was the recipient of a large increase in short interest in the month of December. As of December 29th, there was short interest totalling 75,531,974 shares, an increase of 1.2% from the December 15th total of 74,643,534 shares. Currently, 30.7% of the shares of the company are sold short. Based on an average trading volume of 5,373,686 shares, the days-to-cover ratio is presently 14.1 days.

Synergy Pharmaceuticals (NASDAQ:SGYP) opened at $2.42 on Friday. The company has a debt-to-equity ratio of -68.13, a quick ratio of 3.88 and a current ratio of 4.26. The stock has a market capitalization of $596.92, a price-to-earnings ratio of -2.09 and a beta of 1.22. Synergy Pharmaceuticals has a one year low of $1.68 and a one year high of $7.15.

Synergy Pharmaceuticals (NASDAQ:SGYP) last issued its quarterly earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.22) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.06. The firm had revenue of $5.01 million for the quarter, compared to the consensus estimate of $4.53 million. During the same period in the previous year, the business posted ($0.22) earnings per share. equities research analysts predict that Synergy Pharmaceuticals will post -1.04 earnings per share for the current year.

In related news, major shareholder Paulson & Co. Inc. sold 8,750,000 shares of the firm’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $2.82, for a total value of $24,675,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 3.80% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of SGYP. Vanguard Group Inc. boosted its stake in Synergy Pharmaceuticals by 10.4% during the 2nd quarter. Vanguard Group Inc. now owns 17,422,326 shares of the biopharmaceutical company’s stock valued at $77,530,000 after purchasing an additional 1,636,563 shares in the last quarter. Cheyne Capital Management UK LLP boosted its stake in Synergy Pharmaceuticals by 1,060.7% during the 3rd quarter. Cheyne Capital Management UK LLP now owns 1,625,000 shares of the biopharmaceutical company’s stock valued at $188,000 after purchasing an additional 1,485,000 shares in the last quarter. OxFORD Asset Management LLP bought a new position in Synergy Pharmaceuticals during the 2nd quarter valued at $6,372,000. JPMorgan Chase & Co. boosted its stake in Synergy Pharmaceuticals by 71.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,405,377 shares of the biopharmaceutical company’s stock valued at $8,820,000 after purchasing an additional 1,417,177 shares in the last quarter. Finally, Hikari Power Ltd boosted its stake in Synergy Pharmaceuticals by 200.0% during the 3rd quarter. Hikari Power Ltd now owns 1,500,000 shares of the biopharmaceutical company’s stock valued at $4,350,000 after purchasing an additional 1,000,000 shares in the last quarter. 60.42% of the stock is owned by hedge funds and other institutional investors.

SGYP has been the topic of several analyst reports. Canaccord Genuity set a $13.00 target price on Synergy Pharmaceuticals and gave the company a “buy” rating in a research report on Sunday, November 12th. HC Wainwright set a $7.00 target price on Synergy Pharmaceuticals and gave the company a “buy” rating in a research report on Monday, December 4th. Cantor Fitzgerald restated a “buy” rating and issued a $10.00 target price on shares of Synergy Pharmaceuticals in a research report on Tuesday, November 21st. Zacks Investment Research upgraded Synergy Pharmaceuticals from a “sell” rating to a “hold” rating and set a $3.25 target price on the stock in a research report on Thursday, November 9th. Finally, BidaskClub upgraded Synergy Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Friday, December 22nd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $8.38.

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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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