Synergy Pharmaceuticals Inc (NASDAQ:SGYP) traded up 5.2% during mid-day trading on Thursday . The company traded as high as $2.43 and last traded at $2.42. 6,827,950 shares changed hands during mid-day trading, a decline of 3% from the average session volume of 7,018,557 shares. The stock had previously closed at $2.30.
A number of equities research analysts have recently issued reports on the stock. Cantor Fitzgerald reissued a “buy” rating and issued a $10.00 price target on shares of Synergy Pharmaceuticals in a report on Tuesday, November 21st. Citigroup downgraded shares of Synergy Pharmaceuticals to a “market perform” rating in a report on Friday, January 5th. CIBC reissued a “market perform” rating on shares of Synergy Pharmaceuticals in a report on Friday, January 5th. Oppenheimer set a $6.00 target price on shares of Synergy Pharmaceuticals and gave the company a “buy” rating in a research note on Tuesday, October 10th. Finally, Zacks Investment Research raised shares of Synergy Pharmaceuticals from a “sell” rating to a “hold” rating and set a $3.25 target price on the stock in a research note on Thursday, November 9th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $8.38.
The company has a market capitalization of $589.52, a P/E ratio of -2.06 and a beta of 1.22. The company has a current ratio of 4.26, a quick ratio of 3.88 and a debt-to-equity ratio of -68.13.
Synergy Pharmaceuticals (NASDAQ:SGYP) last announced its earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.06. The company had revenue of $5.01 million during the quarter, compared to analysts’ expectations of $4.53 million. During the same period in the prior year, the business earned ($0.22) earnings per share. sell-side analysts expect that Synergy Pharmaceuticals Inc will post -1.03 EPS for the current fiscal 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 shares were sold at an average price of $2.82, for a total value of $24,675,000.00. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 3.80% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in Synergy Pharmaceuticals by 10.4% during the second quarter. Vanguard Group Inc. now owns 17,422,326 shares of the biopharmaceutical company’s stock valued at $77,530,000 after acquiring an additional 1,636,563 shares during the last quarter. State Street Corp grew its position in Synergy Pharmaceuticals by 2.4% during the second quarter. State Street Corp now owns 12,933,104 shares of the biopharmaceutical company’s stock valued at $57,552,000 after acquiring an additional 306,989 shares during the last quarter. JPMorgan Chase & Co. grew its position in Synergy Pharmaceuticals by 71.3% during the third quarter. JPMorgan Chase & Co. now owns 3,405,377 shares of the biopharmaceutical company’s stock valued at $8,820,000 after acquiring an additional 1,417,177 shares during the last quarter. Northern Trust Corp grew its position in Synergy Pharmaceuticals by 15.3% during the second quarter. Northern Trust Corp now owns 2,804,768 shares of the biopharmaceutical company’s stock valued at $12,481,000 after acquiring an additional 372,683 shares during the last quarter. Finally, Pictet Asset Management Ltd. grew its position in Synergy Pharmaceuticals by 30.8% during the third quarter. Pictet Asset Management Ltd. now owns 2,611,536 shares of the biopharmaceutical company’s stock valued at $7,574,000 after acquiring an additional 615,025 shares during the last quarter. 60.42% of the stock is currently owned by institutional investors and hedge funds.
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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