Synergy Pharmaceuticals Inc. (SGYP) Receives Average Rating of “Buy” from Brokerages
Synergy Pharmaceuticals Inc. (NASDAQ:SGYP) has been assigned an average recommendation of “Buy” from the eight brokerages that are presently covering the firm. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $10.66.
A number of brokerages have commented on SGYP. BTIG Research reiterated a “positive” rating on shares of Synergy Pharmaceuticals in a report on Monday. Canaccord Genuity reiterated a “buy” rating and set a $13.00 target price on shares of Synergy Pharmaceuticals in a report on Sunday, July 17th. Rodman & Renshaw reiterated a “buy” rating and set a $15.00 target price on shares of Synergy Pharmaceuticals in a report on Thursday, September 8th. HC Wainwright set a $15.00 target price on Synergy Pharmaceuticals and gave the company a “buy” rating in a report on Thursday, September 8th. Finally, Zacks Investment Research cut Synergy Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Wednesday, October 12th.
Shares of Synergy Pharmaceuticals (NASDAQ:SGYP) traded down 0.291% during midday trading on Monday, hitting $5.145. The stock had a trading volume of 1,241,937 shares. The stock has a 50-day moving average price of $5.28 and a 200-day moving average price of $4.10. The stock’s market cap is $923.25 million. Synergy Pharmaceuticals has a 12-month low of $2.50 and a 12-month high of $7.15.
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Synergy Pharmaceuticals (NASDAQ:SGYP) last announced its 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 forecast that Synergy Pharmaceuticals will post ($1.03) earnings per share for the current year.
In related news, 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.60% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. 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 valued at $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 valued at $121,000 after buying an additional 14,422 shares during the period. Bank of Montreal Can purchased a new position in shares of Synergy Pharmaceuticals during the second quarter valued at $126,000. State Treasurer State of Michigan purchased a new position in shares of Synergy Pharmaceuticals during the second quarter valued at $152,000. Finally, Cheyne Capital Management UK LLP purchased a new position in shares of Synergy Pharmaceuticals during the second quarter valued at $250,000. 56.54% of the stock is currently owned by institutional investors and hedge funds.
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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