Shares of Synergy Pharmaceuticals Inc. (NASDAQ:SGYP) fell 1.4% on Thursday following insider selling activity. The stock traded as low as $5.48 and last traded at $5.55, with a volume of 1,773,020 shares changing hands. The stock had previously closed at $5.63.

Specifically, major shareholder Paulson & Co. Inc. sold 3,473,713 shares of Synergy Pharmaceuticals stock in a transaction on Monday, September 19th. The shares were sold at an average price of $5.61, for a total value of $19,487,529.93. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 3.60% of the stock is currently owned by insiders.

A number of brokerages have recently commented on SGYP. Canaccord Genuity reaffirmed a “buy” rating and issued a $13.00 target price on shares of Synergy Pharmaceuticals in a report on Sunday, July 17th. Roth Capital reaffirmed a “buy” rating and issued a $6.50 target price on shares of Synergy Pharmaceuticals in a report on Thursday, May 26th. BTIG Research reaffirmed a “buy” rating and issued a $11.00 target price on shares of Synergy Pharmaceuticals in a report on Friday, September 16th. Rodman & Renshaw reaffirmed a “buy” rating and issued a $15.00 target price on shares of Synergy Pharmaceuticals in a report on Thursday, September 8th. Finally, HC Wainwright set a $15.00 target price on shares of Synergy Pharmaceuticals and gave the company a “buy” rating in a report on Thursday, September 8th. Two equities 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. Synergy Pharmaceuticals currently has an average rating of “Buy” and a consensus target price of $9.75.

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The company’s market cap is $999.51 million. The firm has a 50-day moving average price of $4.96 and a 200-day moving average price of $3.84.

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

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Legal & General Group Plc raised its position in shares of Synergy Pharmaceuticals by 60.0% in the second quarter. Legal & General Group Plc now owns 29,343 shares of the biopharmaceutical company’s stock worth $109,000 after buying an additional 11,001 shares during the period. Principal Financial Group Inc. raised its position in shares of Synergy Pharmaceuticals by 82.4% in the second quarter. Principal Financial Group Inc. now owns 31,927 shares of the biopharmaceutical company’s stock worth $121,000 after buying an additional 14,422 shares during the period. Bank of Montreal Can acquired a new position in shares of Synergy Pharmaceuticals during the second quarter worth approximately $126,000. State Treasurer State of Michigan acquired a new position in shares of Synergy Pharmaceuticals during the second quarter worth approximately $152,000. Finally, Cheyne Capital Management UK LLP acquired a new position in shares of Synergy Pharmaceuticals during the second quarter worth approximately $250,000. 56.67% of the stock is currently owned by institutional investors.

Synergy Pharmaceuticals Company Profile

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.

5 Day Chart for NASDAQ:SGYP

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