Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) had its price objective dropped by investment analysts at CIBC from $9.00 to $6.00 in a note issued to investors on Friday. The firm currently has an “outperform” rating on the biopharmaceutical company’s stock. CIBC’s price target suggests a potential upside of 99.34% from the company’s current price.

Several other brokerages have also commented on SGYP. Cantor Fitzgerald restated a “buy” rating and set a $11.00 target price on shares of Synergy Pharmaceuticals in a research report on Friday. Zacks Investment Research lowered Synergy Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Tuesday, July 18th. Canaccord Genuity reiterated a “buy” rating and issued a $13.00 price target on shares of Synergy Pharmaceuticals in a report on Monday, July 10th. BidaskClub lowered Synergy Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, August 5th. Finally, HC Wainwright reiterated a “buy” rating and issued a $18.00 price target on shares of Synergy Pharmaceuticals in a report on Monday, June 12th. Four research analysts have rated the stock with a sell rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $9.43.

Synergy Pharmaceuticals (NASDAQ:SGYP) traded down 5.32% during midday trading on Friday, hitting $2.85. The stock had a trading volume of 8,780,170 shares. The company’s 50 day moving average price is $3.39 and its 200-day moving average price is $4.19. Synergy Pharmaceuticals has a 52 week low of $2.71 and a 52 week high of $7.15. The stock’s market capitalization is $641.12 million.

Synergy Pharmaceuticals (NASDAQ:SGYP) last announced its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.25) by $0.08. The company had revenue of $2.31 million during the quarter, compared to the consensus estimate of $1.98 million. During the same quarter last year, the firm posted ($0.23) EPS. Equities analysts anticipate that Synergy Pharmaceuticals will post ($1.09) earnings per share for the current fiscal year.

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In other news, major shareholder Paulson & Co. Inc. sold 26,287 shares of the stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $3.77, for a total value of $99,101.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.80% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Amalgamated Bank increased its position in shares of Synergy Pharmaceuticals by 7.9% during the first quarter. Amalgamated Bank now owns 24,013 shares of the biopharmaceutical company’s stock valued at $112,000 after acquiring an additional 1,758 shares during the last quarter. California State Teachers Retirement System increased its position in shares of Synergy Pharmaceuticals by 0.9% during the second quarter. California State Teachers Retirement System now owns 401,730 shares of the biopharmaceutical company’s stock valued at $1,788,000 after acquiring an additional 3,686 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of Synergy Pharmaceuticals by 13.9% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 32,018 shares of the biopharmaceutical company’s stock valued at $142,000 after acquiring an additional 3,900 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Synergy Pharmaceuticals by 11.2% during the second quarter. Principal Financial Group Inc. now owns 41,507 shares of the biopharmaceutical company’s stock valued at $185,000 after acquiring an additional 4,164 shares during the last quarter. Finally, Advisor Group Inc. increased its position in shares of Synergy Pharmaceuticals by 25.2% during the second quarter. Advisor Group Inc. now owns 25,625 shares of the biopharmaceutical company’s stock valued at $114,000 after acquiring an additional 5,150 shares during the last quarter. 71.48% of the stock is owned by institutional investors.

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.

Analyst Recommendations for Synergy Pharmaceuticals (NASDAQ:SGYP)

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