Zacks Investment Research downgraded shares of Synergy Pharmaceuticals (NASDAQ:SGYP) from a buy rating to a hold rating in a report issued on Saturday.
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. “
Several other brokerages have also commented on SGYP. HC Wainwright restated a buy rating and set a $7.00 price target on shares of Synergy Pharmaceuticals in a research note on Thursday, February 1st. Oppenheimer lowered Synergy Pharmaceuticals from an outperform rating to a market perform rating in a research note on Thursday, January 4th. BidaskClub lowered Synergy Pharmaceuticals from a hold rating to a sell rating in a research note on Wednesday, January 31st. Cantor Fitzgerald restated a buy rating and set a $10.00 price target on shares of Synergy Pharmaceuticals in a research note on Thursday, January 25th. Finally, Canaccord Genuity set a $13.00 price target on Synergy Pharmaceuticals and gave the stock a buy rating in a research note on Sunday, November 12th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. The company has an average rating of Hold and an average price target of $8.38.
Shares of Synergy Pharmaceuticals (NASDAQ:SGYP) opened at $1.88 on Friday. The company has a market capitalization of $463.72, a PE ratio of -1.62 and a beta of 1.13. The company has a debt-to-equity ratio of -68.13, a quick ratio of 3.88 and a current ratio of 4.26. Synergy Pharmaceuticals has a 12 month low of $1.68 and a 12 month high of $6.64.
Synergy Pharmaceuticals (NASDAQ:SGYP) last announced its quarterly earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.22) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.28) by $0.06. The firm had revenue of $5.01 million for the quarter, compared to analyst estimates of $4.53 million. During the same quarter in the prior year, the company earned ($0.22) earnings per share. sell-side analysts anticipate that Synergy Pharmaceuticals will post -1.03 EPS for the current fiscal year.
In other news, major shareholder Paulson & Co. Inc. sold 8,750,000 shares of the company’s stock in a transaction dated Friday, November 10th. The stock was 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 Securities & Exchange Commission, which is available at this hyperlink. 3.80% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Sandy Spring Bank purchased a new position in Synergy Pharmaceuticals in the fourth quarter valued at about $109,000. Granite Investment Partners LLC purchased a new position in Synergy Pharmaceuticals in the fourth quarter valued at about $632,000. Malaga Cove Capital LLC boosted its holdings in Synergy Pharmaceuticals by 1,115.8% in the fourth quarter. Malaga Cove Capital LLC now owns 97,266 shares of the biopharmaceutical company’s stock valued at $217,000 after purchasing an additional 89,266 shares during the last quarter. Exane Derivatives boosted its holdings in Synergy Pharmaceuticals by 79.4% in the fourth quarter. Exane Derivatives now owns 107,979 shares of the biopharmaceutical company’s stock valued at $241,000 after purchasing an additional 47,774 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its holdings in Synergy Pharmaceuticals by 11.2% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,051,408 shares of the biopharmaceutical company’s stock valued at $2,345,000 after purchasing an additional 106,222 shares during the last quarter. 60.67% of the stock is owned by hedge funds and other institutional investors.
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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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