Synergy Pharmaceuticals’ (SGYP) Sell Rating Reaffirmed at Citigroup Inc.
Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP)‘s stock had its “sell” rating reissued by equities researchers at Citigroup Inc. in a research report issued on Wednesday, Marketbeat.com reports. They presently have a $2.50 price target on the biopharmaceutical company’s stock, down from their prior price target of $3.20. Citigroup Inc.’s price target would indicate a potential downside of 7.58% from the stock’s previous close.
A number of other equities research analysts also recently issued reports on the company. ValuEngine downgraded Synergy Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Oppenheimer Holdings, Inc. lowered their price target on Synergy Pharmaceuticals from $9.00 to $6.00 and set an “outperform” rating for the company in a research report on Friday, September 8th. Zacks Investment Research raised Synergy Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. Cantor Fitzgerald started coverage on Synergy Pharmaceuticals in a research report on Thursday, June 1st. They set an “overweight” rating and a $11.00 price target for the company. Finally, HC Wainwright reissued a “buy” rating and set a $18.00 price target on shares of Synergy Pharmaceuticals in a research report on Monday, June 12th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $9.32.
Shares of Synergy Pharmaceuticals (NASDAQ SGYP) traded down 1.11% during trading on Wednesday, reaching $2.68. The company had a trading volume of 1,085,828 shares. The firm’s market capitalization is $602.88 million. Synergy Pharmaceuticals has a 52 week low of $2.62 and a 52 week high of $7.15. The firm has a 50-day moving average of $3.26 and a 200 day moving average of $4.12.
Synergy Pharmaceuticals (NASDAQ:SGYP) last released its 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 company had revenue of $2.31 million during the quarter, compared to analysts’ expectations of $1.98 million. During the same period in the prior year, the firm earned ($0.23) EPS. On average, equities research analysts forecast that Synergy Pharmaceuticals will post ($1.14) earnings per share for the current year.
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In related news, major shareholder Paulson & Co. Inc. sold 26,287 shares of the stock in a transaction dated 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 is accessible through this link. Corporate insiders own 3.80% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of SGYP. Dynamic Technology Lab Private Ltd purchased a new position in Synergy Pharmaceuticals in the second quarter valued at about $101,000. Amalgamated Bank boosted its holdings in Synergy Pharmaceuticals by 7.9% in the first quarter. Amalgamated Bank now owns 24,013 shares of the biopharmaceutical company’s stock valued at $112,000 after purchasing an additional 1,758 shares during the last quarter. Advisor Group Inc. boosted its holdings in Synergy Pharmaceuticals by 25.2% in the second quarter. Advisor Group Inc. now owns 25,625 shares of the biopharmaceutical company’s stock valued at $114,000 after purchasing an additional 5,150 shares during the last quarter. Captrust Financial Advisors purchased a new position in Synergy Pharmaceuticals in the second quarter valued at about $122,000. Finally, Stephens Inc. AR boosted its holdings in Synergy Pharmaceuticals by 39.0% in the second quarter. Stephens Inc. AR now owns 28,500 shares of the biopharmaceutical company’s stock valued at $127,000 after purchasing an additional 8,000 shares during the last quarter. 71.48% of the stock is owned by hedge funds and other institutional investors.
Synergy Pharmaceuticals Company Profile
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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