Synergy Pharmaceuticals Inc (SGYP) Expected to Announce Quarterly Sales of $8.20 Million

Brokerages forecast that Synergy Pharmaceuticals Inc (NASDAQ:SGYP) will post $8.20 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Synergy Pharmaceuticals’ earnings, with the lowest sales estimate coming in at $7.00 million and the highest estimate coming in at $9.39 million. The business is scheduled to issue its next earnings report on Wednesday, March 7th.

On average, analysts expect that Synergy Pharmaceuticals will report full-year sales of $8.20 million for the current year, with estimates ranging from $14.00 million to $16.81 million. For the next year, analysts forecast that the business will report sales of $84.72 million per share, with estimates ranging from $84.00 million to $85.44 million. Zacks’ sales calculations are an average based on a survey of analysts that cover Synergy Pharmaceuticals.

Synergy Pharmaceuticals (NASDAQ:SGYP) last released its quarterly earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.22) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.06. The business had revenue of $5.01 million during the quarter, compared to analyst estimates of $4.53 million. During the same quarter in the prior year, the company earned ($0.22) earnings per share.

SGYP has been the topic of several research reports. HC Wainwright reiterated a “buy” rating and issued a $8.00 price target (down from $15.00) on shares of Synergy Pharmaceuticals in a research report on Monday, September 25th. They noted that the move was a valuation call. Oppenheimer lowered shares of Synergy Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research report on Thursday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 price target on shares of Synergy Pharmaceuticals in a research report on Friday, September 8th. Zacks Investment Research upgraded shares of Synergy Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Wednesday, September 13th. Finally, Canaccord Genuity set a $13.00 price target on shares of Synergy Pharmaceuticals and gave the company a “buy” rating in a research report on Sunday, November 12th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $8.38.

In related news, major shareholder Paulson & Co. Inc. sold 8,750,000 shares of the firm’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $2.82, for a total transaction of $24,675,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 3.80% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Alliancebernstein L.P. boosted its position in Synergy Pharmaceuticals by 25.9% during the second quarter. Alliancebernstein L.P. now owns 339,330 shares of the biopharmaceutical company’s stock worth $1,510,000 after acquiring an additional 69,800 shares during the last quarter. Swiss National Bank boosted its position in Synergy Pharmaceuticals by 14.4% during the second quarter. Swiss National Bank now owns 371,650 shares of the biopharmaceutical company’s stock worth $1,654,000 after acquiring an additional 46,800 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Synergy Pharmaceuticals by 60.9% during the second quarter. JPMorgan Chase & Co. now owns 1,988,200 shares of the biopharmaceutical company’s stock worth $8,848,000 after acquiring an additional 752,475 shares during the last quarter. State of Wisconsin Investment Board acquired a new stake in Synergy Pharmaceuticals during the second quarter worth approximately $730,000. Finally, Vanguard Group Inc. boosted its position in Synergy Pharmaceuticals by 10.4% during the second quarter. Vanguard Group Inc. now owns 17,422,326 shares of the biopharmaceutical company’s stock worth $77,530,000 after acquiring an additional 1,636,563 shares during the last quarter. Hedge funds and other institutional investors own 60.42% of the company’s stock.

Shares of Synergy Pharmaceuticals (SGYP) opened at $2.18 on Friday. The company has a market cap of $537.72, a P/E ratio of -1.88 and a beta of 1.22. Synergy Pharmaceuticals has a 1 year low of $1.68 and a 1 year high of $7.15. The company has a debt-to-equity ratio of -68.13, a current ratio of 4.26 and a quick ratio of 3.88.

ILLEGAL ACTIVITY NOTICE: This piece of content was first posted by American Banking News and is the property of of American Banking News. If you are accessing this piece of content on another domain, it was illegally copied and reposted in violation of international trademark & copyright legislation. The legal version of this piece of content can be accessed at https://www.americanbankingnews.com/2018/01/06/synergy-pharmaceuticals-inc-sgyp-expected-to-announce-quarterly-sales-of-8-20-million.html.

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.

Get a free copy of the Zacks research report on Synergy Pharmaceuticals (SGYP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Synergy Pharmaceuticals (NASDAQ:SGYP)

Receive News & Ratings for Synergy Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synergy Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply