Synergy Pharmaceuticals Inc. (SGYP) Downgraded by Zacks Investment Research to Sell
Synergy Pharmaceuticals Inc. (NASDAQ:SGYP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.
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. “
A number of other brokerages also recently commented on SGYP. Rodman & Renshaw reaffirmed a “buy” rating and issued a $15.00 price target on shares of Synergy Pharmaceuticals in a report on Thursday, September 8th. BTIG Research reissued a “buy” rating and issued a $11.00 price objective on shares of Synergy Pharmaceuticals in a research report on Friday, September 16th. Canaccord Genuity reissued a “buy” rating and issued a $13.00 price objective on shares of Synergy Pharmaceuticals in a research report on Sunday, July 17th. Finally, HC Wainwright set a $15.00 price objective on shares of Synergy Pharmaceuticals and gave the stock a “buy” rating in a research report on Thursday, September 8th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $9.75.
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Shares of Synergy Pharmaceuticals (NASDAQ:SGYP) opened at 5.26 on Wednesday. The company’s market capitalization is $943.89 million. Synergy Pharmaceuticals has a 12 month low of $2.50 and a 12 month high of $7.15. The stock has a 50 day moving average price of $5.23 and a 200-day moving average price of $4.07.
Synergy Pharmaceuticals (NASDAQ:SGYP) last announced its quarterly 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. Analysts forecast that Synergy Pharmaceuticals will post ($1.03) EPS for the current year.
In other news, major shareholder Paulson & Co. Inc. sold 3,473,713 shares of the firm’s stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $5.61, for a total transaction of $19,487,529.93. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 3.60% of the company’s stock.
Several institutional investors have recently modified their holdings of SGYP. Schwab Charles Investment Management Inc. raised its position in shares of Synergy Pharmaceuticals by 91.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 671,985 shares of the biopharmaceutical company’s stock worth $2,554,000 after buying an additional 321,611 shares during the period. 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. Metropolitan Life Insurance Co. NY raised its position in shares of Synergy Pharmaceuticals by 71.8% in the second quarter. Metropolitan Life Insurance Co. NY now owns 136,108 shares of the biopharmaceutical company’s stock worth $517,000 after buying an additional 56,869 shares during the period. Paulson & CO. Inc. raised its position in shares of 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 during the period. Finally, Visium Asset Management LP bought a new position in shares of Synergy Pharmaceuticals during the second quarter worth approximately $451,000. 56.67% of the stock is currently owned by institutional investors and hedge funds.
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.
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