Synergy Pharmaceuticals, Inc. (SGYP) Stock Price Down 4.5% After Analyst Downgrade

Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) shares traded down 4.5% during mid-day trading on Monday after CIBC lowered their price target on the stock from $9.00 to $6.00. CIBC currently has an outperform rating on the stock. Synergy Pharmaceuticals traded as low as $2.71 and last traded at $2.67. 5,688,019 shares changed hands during trading, an increase of 30% from the average session volume of 4,369,120 shares. The stock had previously closed at $2.79.

A number of other research analysts have also recently weighed in on SGYP. Rodman & Renshaw cut their price objective on shares of Synergy Pharmaceuticals from $18.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 10th. Oppenheimer Holdings, Inc. cut their price objective on shares of Synergy Pharmaceuticals from $9.00 to $6.00 and set an “outperform” rating for the company in a report on Friday, September 8th. Canaccord Genuity set a $13.00 price objective on shares of Synergy Pharmaceuticals and gave the company a “buy” rating in a report on Monday, July 31st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $11.00 price objective on shares of Synergy Pharmaceuticals in a report on Friday, June 9th. Finally, ValuEngine cut shares of Synergy Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, May 23rd. Four research analysts have rated the stock with a sell rating and nine have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $9.43.

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 shares were sold at an average price of $3.77, for a total transaction of $99,101.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 3.80% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Amalgamated Bank increased its stake in shares of Synergy Pharmaceuticals by 7.9% during the first quarter. Amalgamated Bank now owns 24,013 shares of the biopharmaceutical company’s stock worth $112,000 after purchasing an additional 1,758 shares in the last quarter. California State Teachers Retirement System increased its stake in shares of Synergy Pharmaceuticals by 0.9% during the second quarter. California State Teachers Retirement System now owns 401,730 shares of the biopharmaceutical company’s stock worth $1,788,000 after purchasing an additional 3,686 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in shares of Synergy Pharmaceuticals by 13.9% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 32,018 shares of the biopharmaceutical company’s stock worth $142,000 after purchasing an additional 3,900 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Synergy Pharmaceuticals by 11.2% during the second quarter. Principal Financial Group Inc. now owns 41,507 shares of the biopharmaceutical company’s stock worth $185,000 after purchasing an additional 4,164 shares in the last quarter. Finally, Advisor Group Inc. increased its stake in shares of Synergy Pharmaceuticals by 25.2% during the second quarter. Advisor Group Inc. now owns 25,625 shares of the biopharmaceutical company’s stock worth $114,000 after purchasing an additional 5,150 shares in the last quarter. 71.48% of the stock is owned by institutional investors and hedge funds.

The company’s market capitalization is $638.87 million. The company has a 50 day moving average price of $3.31 and a 200-day moving average price of $4.14.

Synergy Pharmaceuticals (NASDAQ:SGYP) last announced its quarterly earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.33) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.25) by ($0.08). The firm had revenue of $2.31 million for the quarter, compared to analyst estimates of $1.98 million. During the same period in the previous year, the company earned ($0.23) EPS. Equities analysts forecast that Synergy Pharmaceuticals, Inc. will post ($1.12) EPS for the current fiscal year.

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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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