Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) was the recipient of a large increase in short interest in August. As of August 31st, there was short interest totalling 67,570,644 shares, an increase of 6.8% from the August 15th total of 63,271,755 shares. Based on an average daily volume of 2,888,418 shares, the days-to-cover ratio is presently 23.4 days. Currently, 30.1% of the company’s stock are short sold.

Synergy Pharmaceuticals (SGYP) opened at 2.71 on Thursday. Synergy Pharmaceuticals has a one year low of $2.63 and a one year high of $7.15. The company has a 50-day moving average of $3.26 and a 200-day moving average of $4.12. The stock’s market capitalization is $609.63 million.

Synergy Pharmaceuticals (NASDAQ:SGYP) last released its quarterly earnings data on Wednesday, August 9th. The biopharmaceutical company reported ($0.33) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.25) by ($0.08). The firm had revenue of $2.31 million for the quarter, compared to analysts’ expectations of $1.98 million. During the same quarter in the previous year, the company posted ($0.23) EPS. On average, equities analysts forecast that Synergy Pharmaceuticals will post ($1.12) EPS for the current fiscal year.

A number of brokerages have recently commented on SGYP. Cantor Fitzgerald reissued a “buy” rating and issued a $11.00 price target on shares of Synergy Pharmaceuticals in a research report on Thursday, August 10th. Oppenheimer Holdings, Inc. set a $9.00 price target on Synergy Pharmaceuticals and gave the stock a “buy” rating in a research report on Thursday, August 10th. HC Wainwright set a $15.00 price target on Synergy Pharmaceuticals and gave the stock a “buy” rating in a research report on Thursday, August 10th. CIBC dropped their price target on Synergy Pharmaceuticals from $9.00 to $6.00 and set an “outperform” rating on the stock in a research report on Friday, September 8th. Finally, Citigroup Inc. dropped their price target on Synergy Pharmaceuticals from $3.20 to $2.50 and set a “sell” rating on the stock in a research report on Wednesday. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $9.32.

In other news, major shareholder Paulson & Co. Inc. sold 26,287 shares of the business’s 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 legal filing with the SEC, which can be accessed through this link. Insiders own 3.80% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alambic Investment Management L.P. bought a new position in shares of Synergy Pharmaceuticals during the first quarter valued at approximately $612,000. Sei Investments Co. boosted its stake in shares of Synergy Pharmaceuticals by 18.2% during the second quarter. Sei Investments Co. now owns 367,779 shares of the biopharmaceutical company’s stock valued at $1,637,000 after purchasing an additional 56,595 shares in the last quarter. EAM Investors LLC bought a new position in shares of Synergy Pharmaceuticals during the first quarter valued at approximately $2,797,000. UBS Asset Management Americas Inc. boosted its stake in shares of Synergy Pharmaceuticals by 47.4% during the first quarter. UBS Asset Management Americas Inc. now owns 78,636 shares of the biopharmaceutical company’s stock valued at $366,000 after purchasing an additional 25,300 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in shares of Synergy Pharmaceuticals by 27.4% during the first quarter. Janney Montgomery Scott LLC now owns 30,200 shares of the biopharmaceutical company’s stock valued at $141,000 after purchasing an additional 6,500 shares in the last quarter. Hedge funds and other institutional investors own 71.48% of the company’s stock.

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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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