Synergy Pharmaceuticals (NASDAQ:SGYP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $2.25 price objective on the biopharmaceutical company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 16.58% from the stock’s previous close.
According to Zacks, “Synergy Pharmaceuticals, Inc. is a biopharmaceutical company focused primarily on the development of drugs to treat gastrointestinal disorders and diseases. Its lead drug candidate plecanatide is a guanylyl cyclase C receptor agonist, to treat GI disorders, primarily chronic constipation and constipation-predominant- irritable bowel syndrome. It is also engaged in developing receptor agonist for the treatment of gastrointestinal inflammatory diseases, such as ulcerative colitis. Synergy Pharmaceuticals, Inc. is headquartered in New York, New York. “
SGYP has been the topic of a number of other reports. HC Wainwright set a $8.00 price target on Synergy Pharmaceuticals and gave the company a “buy” rating in a report on Wednesday, October 18th. BTIG Research reaffirmed a “buy” rating and issued a $7.00 target price on shares of Synergy Pharmaceuticals in a report on Tuesday, November 14th. Cantor Fitzgerald reaffirmed a “buy” rating on shares of Synergy Pharmaceuticals in a report on Thursday, February 1st. BidaskClub raised Synergy Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Friday, December 22nd. Finally, CIBC reaffirmed a “market perform” rating on shares of Synergy Pharmaceuticals in a report on Friday, January 5th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. Synergy Pharmaceuticals has a consensus rating of “Hold” and a consensus price target of $8.28.
Synergy Pharmaceuticals (NASDAQ:SGYP) last posted its quarterly earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.22) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.28) by $0.06. The business had revenue of $5.01 million for the quarter, compared to the consensus estimate of $4.53 million. During the same period in the prior year, the business earned ($0.22) earnings per share. research analysts forecast that Synergy Pharmaceuticals will post -1.03 EPS for the current year.
In other news, major shareholder Paulson & Co. Inc. sold 8,750,000 shares of Synergy Pharmaceuticals stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $2.82, for a total value of $24,675,000.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 3.80% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. State Street Corp increased its stake in Synergy Pharmaceuticals by 11.6% during the fourth quarter. State Street Corp now owns 6,283,669 shares of the biopharmaceutical company’s stock worth $38,270,000 after acquiring an additional 653,353 shares during the last quarter. Morgan Stanley increased its stake in Synergy Pharmaceuticals by 6.8% during the fourth quarter. Morgan Stanley now owns 423,520 shares of the biopharmaceutical company’s stock worth $2,401,000 after acquiring an additional 27,037 shares during the last quarter. Fosun International Ltd bought a new stake in Synergy Pharmaceuticals during the third quarter worth approximately $2,791,000. Alambic Investment Management L.P. bought a new stake in Synergy Pharmaceuticals during the first quarter worth approximately $612,000. Finally, Alliancebernstein L.P. increased its stake 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. 60.67% of the stock is currently owned by hedge funds and other institutional investors.
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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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