Synergy Pharmaceuticals, Inc. (SGYP) Cut to Strong Sell at ValuEngine
Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) was downgraded by ValuEngine from a “sell” rating to a “strong sell” rating in a research note issued on Friday.
SGYP has been the subject of several other reports. HC Wainwright reissued a “buy” rating and issued a $18.00 price target on shares of Synergy Pharmaceuticals in a research report on Friday, May 19th. Zacks Investment Research lowered Synergy Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Tuesday, July 18th. BidaskClub raised Synergy Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Friday, June 23rd. Citigroup Inc. reissued a “sell” rating and issued a $3.70 price target on shares of Synergy Pharmaceuticals in a research report on Wednesday, June 28th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $13.00 price target on shares of Synergy Pharmaceuticals in a research report on Monday, July 10th. Four analysts have rated the stock with a sell rating and eight have given a buy rating to the company’s stock. Synergy Pharmaceuticals currently has a consensus rating of “Hold” and a consensus price target of $10.07.
Synergy Pharmaceuticals (NASDAQ SGYP) traded up 1.01% during midday trading on Friday, hitting $3.01. The stock had a trading volume of 2,406,178 shares. The stock’s market cap is $677.11 million. Synergy Pharmaceuticals has a 52-week low of $2.85 and a 52-week high of $7.15. The company’s 50 day moving average price is $3.53 and its 200-day moving average price is $4.28.
Synergy Pharmaceuticals (NASDAQ:SGYP) last released its quarterly earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.33) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.25) by $0.08. The firm had revenue of $2.31 million during the quarter, compared to analysts’ expectations of $1.98 million. During the same period last year, the firm posted ($0.23) earnings per share. Analysts forecast that Synergy Pharmaceuticals will post ($1.09) EPS for the current fiscal year.
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In other Synergy Pharmaceuticals news, major shareholder Paulson & Co. Inc. sold 26,287 shares of the business’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $3.77, for a total transaction of $99,101.99. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 3.80% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of the stock. State Street Corp increased its stake in Synergy Pharmaceuticals by 100.9% in the first quarter. State Street Corp now owns 12,626,115 shares of the biopharmaceutical company’s stock valued at $58,841,000 after buying an additional 6,342,446 shares during the last quarter. TimesSquare Capital Management LLC purchased a new stake in Synergy Pharmaceuticals during the first quarter valued at $11,650,000. Vanguard Group Inc. increased its stake in Synergy Pharmaceuticals by 18.8% in the first quarter. Vanguard Group Inc. now owns 15,785,763 shares of the biopharmaceutical company’s stock valued at $73,561,000 after buying an additional 2,493,557 shares during the last quarter. Pictet Asset Management Ltd. purchased a new stake in Synergy Pharmaceuticals during the first quarter valued at $8,484,000. Finally, OxFORD Asset Management LLP purchased a new stake in Synergy Pharmaceuticals during the second quarter valued at $6,372,000. Institutional investors and hedge funds own 71.48% of the company’s stock.
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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