Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) saw a significant growth in short interest in October. As of October 13th, there was short interest totalling 66,832,410 shares, a growth of 6.5% from the September 29th total of 62,729,902 shares. Currently, 29.8% of the shares of the stock are sold short. Based on an average daily volume of 6,813,133 shares, the days-to-cover ratio is currently 9.8 days.

Shares of Synergy Pharmaceuticals (NASDAQ SGYP) opened at 2.73 on Thursday. The company has a 50-day moving average price of $2.91 and a 200-day moving average price of $3.66. Synergy Pharmaceuticals has a 52-week low of $2.56 and a 52-week high of $7.15. The company’s market cap is $614.12 million.

Synergy Pharmaceuticals (NASDAQ:SGYP) last posted its quarterly earnings data on Wednesday, August 9th. The biopharmaceutical company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.08). The firm had revenue of $2.31 million during the quarter, compared to analyst estimates of $1.98 million. During the same period last year, the firm earned ($0.23) earnings per share. On average, equities analysts predict that Synergy Pharmaceuticals will post ($1.16) EPS for the current year.

In other 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.80% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd bought a new stake in Synergy Pharmaceuticals during the 2nd quarter valued at $101,000. Amalgamated Bank raised its position in Synergy Pharmaceuticals by 7.9% during the 1st 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 in the last quarter. Advisor Group Inc. raised its position in Synergy Pharmaceuticals by 25.2% during the 2nd 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 in the last quarter. Captrust Financial Advisors bought a new stake in Synergy Pharmaceuticals during the 2nd quarter valued at $122,000. Finally, Stephens Inc. AR raised its position in Synergy Pharmaceuticals by 39.0% during the 2nd 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 in the last quarter. 71.32% of the stock is owned by hedge funds and other institutional investors.

Several research analysts have recently commented on SGYP shares. Cantor Fitzgerald reissued an “overweight” rating and set a $11.00 price objective on shares of Synergy Pharmaceuticals in a report on Friday, September 8th. Oppenheimer Holdings, Inc. cut their price objective on Synergy Pharmaceuticals from $9.00 to $6.00 and set an “outperform” rating for the company in a report on Friday, September 8th. ValuEngine lowered Synergy Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. BTIG Research reissued a “buy” rating and set a $11.00 price objective on shares of Synergy Pharmaceuticals in a report on Friday, September 8th. Finally, Zacks Investment Research raised Synergy Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $8.90.

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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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