Synergy Pharmaceuticals, Inc. (SGYP) Receives Buy Rating from Cantor Fitzgerald
Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP)‘s stock had its “buy” rating restated by investment analysts at Cantor Fitzgerald in a research note issued on Tuesday. They currently have a $10.00 target price on the biopharmaceutical company’s stock. Cantor Fitzgerald’s price target would indicate a potential upside of 420.83% from the company’s previous close.
Several other equities research analysts also recently commented on SGYP. Rodman & Renshaw reduced their price objective on Synergy Pharmaceuticals from $18.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 10th. HC Wainwright set a $15.00 price objective on Synergy Pharmaceuticals and gave the stock a “buy” rating in a report on Thursday, August 10th. Oppenheimer Holdings, Inc. set a $9.00 price objective on Synergy Pharmaceuticals and gave the stock a “buy” rating in a report on Thursday, August 10th. BTIG Research reiterated a “buy” rating and issued a $11.00 price objective on shares of Synergy Pharmaceuticals in a report on Friday, September 8th. Finally, Canaccord Genuity set a $13.00 price objective on Synergy Pharmaceuticals and gave the stock a “buy” rating in a report on Monday, July 31st. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $7.93.
Shares of Synergy Pharmaceuticals (NASDAQ:SGYP) traded up $0.02 during trading on Tuesday, reaching $1.92. The company’s stock had a trading volume of 7,982,200 shares, compared to its average volume of 5,956,114. The company has a quick ratio of 3.88, a current ratio of 4.26 and a debt-to-equity ratio of -68.13. Synergy Pharmaceuticals has a fifty-two week low of $1.68 and a fifty-two week high of $7.15.
Synergy Pharmaceuticals (NASDAQ:SGYP) last issued its quarterly earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.06. The company had revenue of $5.01 million for the quarter, compared to the consensus estimate of $4.53 million. During the same quarter in the previous year, the business earned ($0.22) earnings per share. sell-side analysts anticipate that Synergy Pharmaceuticals will post -1.06 EPS for the current year.
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In related news, major shareholder Paulson & Co. Inc. sold 8,750,000 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $2.82, for a total value of $24,675,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 3.80% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of SGYP. Vanguard Group Inc. lifted its holdings in Synergy Pharmaceuticals by 18.8% in the 1st quarter. Vanguard Group Inc. now owns 15,785,763 shares of the biopharmaceutical company’s stock worth $73,561,000 after purchasing an additional 2,493,557 shares in the last quarter. Cheyne Capital Management UK LLP increased its stake in Synergy Pharmaceuticals by 1,060.7% in the 3rd quarter. Cheyne Capital Management UK LLP now owns 1,625,000 shares of the biopharmaceutical company’s stock worth $188,000 after acquiring an additional 1,485,000 shares during the last quarter. OxFORD Asset Management LLP bought a new stake in Synergy Pharmaceuticals in the 2nd quarter worth approximately $6,372,000. JPMorgan Chase & Co. increased its stake in Synergy Pharmaceuticals by 71.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,405,377 shares of the biopharmaceutical company’s stock worth $8,820,000 after acquiring an additional 1,417,177 shares during the last quarter. Finally, Hikari Power Ltd increased its stake in Synergy Pharmaceuticals by 200.0% in the 3rd quarter. Hikari Power Ltd now owns 1,500,000 shares of the biopharmaceutical company’s stock worth $4,350,000 after acquiring an additional 1,000,000 shares during the last quarter. 66.03% of the stock is currently 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.
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