Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP)‘s stock had its “buy” rating restated by research analysts at Cantor Fitzgerald in a research note issued on Thursday. They presently have a $11.00 price target on the biopharmaceutical company’s stock. Cantor Fitzgerald’s price objective points to a potential upside of 211.61% from the stock’s current price.
The analysts wrote, “Management upbeat about early returns. SGYP reported 2Q17 results and posted a new corporate presentation to provide an update of the Trulance launch (here). We spoke with management (no results call was held) to hear its views regarding how the launch is proceeding. Acknowledging the inherent positive bias of company managements that have launched their inaugural product, we believe metrics provided by SGYP may, however, show an objective snapshot of the launch.””
SGYP has been the topic of several other reports. Oppenheimer Holdings, Inc. set a $9.00 price objective on Synergy Pharmaceuticals and gave the stock a “buy” rating in a report on Wednesday, May 10th. BTIG Research reaffirmed a “buy” rating and set a $11.00 price objective on shares of Synergy Pharmaceuticals in a report on Wednesday, May 31st. Zacks Investment Research raised Synergy Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Citigroup Inc. reaffirmed a “sell” rating and set a $3.70 price objective on shares of Synergy Pharmaceuticals in a report on Wednesday, June 28th. 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. Four investment analysts have rated the stock with a sell rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $10.67.
Synergy Pharmaceuticals (NASDAQ:SGYP) opened at 3.53 on Thursday. The company’s market cap is $794.07 million. The firm’s 50-day moving average is $4.28 and its 200-day moving average is $4.72. Synergy Pharmaceuticals has a 12 month low of $3.34 and a 12 month high of $7.15.
Synergy Pharmaceuticals (NASDAQ:SGYP) last issued its quarterly earnings data on Wednesday, August 9th. The biopharmaceutical company reported ($0.33) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 quarter last year, the business earned ($0.23) earnings per share. On average, analysts anticipate that Synergy Pharmaceuticals will post ($0.95) EPS for the current fiscal year.
COPYRIGHT VIOLATION WARNING: This story was first published by Ticker Report and is the sole property of of Ticker Report. If you are viewing this story on another domain, it was illegally stolen and reposted in violation of U.S. & international trademark & copyright laws. The original version of this story can be viewed at https://www.tickerreport.com/banking-finance/2796313/synergy-pharmaceuticals-sgyp-buy-rating-reaffirmed-at-cantor-fitzgerald.html.
In related news, major shareholder Paulson & Co. Inc. sold 26,287 shares of the stock in a transaction on Monday, August 7th. The stock was sold at an average price of $3.77, for a total transaction of $99,101.99. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.80% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Amalgamated Bank raised its stake in Synergy Pharmaceuticals by 7.9% in the first quarter. Amalgamated Bank now owns 24,013 shares of the biopharmaceutical company’s stock valued at $112,000 after buying an additional 1,758 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake in Synergy Pharmaceuticals by 637.1% in the second quarter. BNP Paribas Arbitrage SA now owns 28,776 shares of the biopharmaceutical company’s stock valued at $128,000 after buying an additional 24,872 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in Synergy Pharmaceuticals by 27.4% in the first quarter. Janney Montgomery Scott LLC now owns 30,200 shares of the biopharmaceutical company’s stock valued at $141,000 after buying an additional 6,500 shares during the last quarter. Stifel Financial Corp raised its stake in Synergy Pharmaceuticals by 34.4% in the first quarter. Stifel Financial Corp now owns 30,289 shares of the biopharmaceutical company’s stock valued at $144,000 after buying an additional 7,750 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in Synergy Pharmaceuticals by 12.9% in the first quarter. Principal Financial Group Inc. now owns 37,343 shares of the biopharmaceutical company’s stock valued at $174,000 after buying an additional 4,267 shares during the last quarter. Institutional investors own 67.46% of the company’s stock.
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.
Receive News & Ratings for Synergy Pharmaceuticals Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synergy Pharmaceuticals Inc. and related companies with MarketBeat.com's FREE daily email newsletter.