Synergy Pharmaceuticals Inc. (NASDAQ:SGYP) major shareholder Paulson & Co. Inc. sold 3,473,713 shares of the stock in a transaction on Monday, September 19th. The stock was sold at an average price of $5.61, for a total value of $19,487,529.93. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Shares of Synergy Pharmaceuticals Inc. (NASDAQ:SGYP) opened at 5.55 on Wednesday. Synergy Pharmaceuticals Inc. has a 52-week low of $2.50 and a 52-week high of $7.15. The firm’s 50-day moving average price is $4.92 and its 200-day moving average price is $3.82. The stock’s market cap is $995.93 million.

Synergy Pharmaceuticals (NASDAQ:SGYP) last issued its earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.23) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.20) by $0.03. Equities analysts predict that Synergy Pharmaceuticals Inc. will post ($1.03) EPS for the current year.

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Several institutional investors have recently added to or reduced their stakes in SGYP. Paulson & CO. Inc. increased its position in Synergy Pharmaceuticals by 150.3% in the second quarter. Paulson & CO. Inc. now owns 27,756,668 shares of the biopharmaceutical company’s stock worth $105,475,000 after buying an additional 16,666,668 shares in the last quarter. Vanguard Group Inc. increased its position in Synergy Pharmaceuticals by 80.8% in the second quarter. Vanguard Group Inc. now owns 12,309,494 shares of the biopharmaceutical company’s stock worth $46,775,000 after buying an additional 5,500,297 shares in the last quarter. BlackRock Fund Advisors increased its position in Synergy Pharmaceuticals by 54.7% in the second quarter. BlackRock Fund Advisors now owns 8,824,549 shares of the biopharmaceutical company’s stock worth $33,533,000 after buying an additional 3,120,748 shares in the last quarter. State Street Corp increased its position in Synergy Pharmaceuticals by 41.3% in the second quarter. State Street Corp now owns 5,182,008 shares of the biopharmaceutical company’s stock worth $19,689,000 after buying an additional 1,515,232 shares in the last quarter. Finally, Societe Generale acquired a new position in Synergy Pharmaceuticals during the second quarter worth about $4,729,000. Hedge funds and other institutional investors own 56.67% of the company’s stock.

SGYP has been the topic of several recent research reports. BTIG Research restated a “buy” rating and set a $11.00 target price on shares of Synergy Pharmaceuticals in a research report on Friday, September 16th. HC Wainwright set a $15.00 target price on Synergy Pharmaceuticals and gave the stock a “buy” rating in a research report on Thursday, September 8th. Rodman & Renshaw reiterated a “buy” rating and issued a $15.00 price objective on shares of Synergy Pharmaceuticals in a research report on Thursday, September 8th. Canaccord Genuity reiterated a “buy” rating and issued a $13.00 price objective on shares of Synergy Pharmaceuticals in a research report on Sunday, July 17th. Finally, Roth Capital reiterated a “buy” rating and issued a $6.50 price objective on shares of Synergy Pharmaceuticals in a research report on Thursday, May 26th. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $9.75.

About Synergy Pharmaceuticals

Synergy Pharmaceuticals Inc (Synergy) is a biopharmaceutical company focused on the development and commercialization of gastrointestinal (GI) therapies. The Company’s GI platform includes two lead product candidates: plecanatide and dolcanatide. It is engaged in the discovery, research and development involving uroguanylin analogs for the treatment of functional GI disorders and inflammatory bowel disease.

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