Synergy Pharmaceuticals, Inc. (SGYP) Sees Significant Drop in Short Interest

Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) saw a large drop in short interest in September. As of September 29th, there was short interest totalling 62,729,902 shares, a drop of 6.1% from the September 15th total of 66,785,698 shares. Based on an average trading volume of 4,268,901 shares, the short-interest ratio is presently 14.7 days. Currently, 28.0% of the company’s stock are sold short.

Shares of Synergy Pharmaceuticals (SGYP) opened at 3.32 on Friday. The company has a 50-day moving average of $2.94 and a 200 day moving average of $3.77. The company’s market capitalization is $746.85 million. Synergy Pharmaceuticals has a 12 month low of $2.56 and a 12 month high of $7.15.

Synergy Pharmaceuticals (NASDAQ:SGYP) last posted its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.33) earnings per share for the quarter, missing the Thomson Reuters’ 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 quarter last year, the firm posted ($0.23) earnings per share. Analysts forecast that Synergy Pharmaceuticals will post ($1.16) EPS for the current year.

A number of research firms have recently issued reports on SGYP. Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $9.00 price target on shares of Synergy Pharmaceuticals in a research report on Tuesday, July 18th. CIBC reduced their price target on shares of Synergy Pharmaceuticals from $9.00 to $6.00 and set an “outperform” rating on the stock in a research report on Friday, September 8th. HC Wainwright set a $8.00 price target on shares of Synergy Pharmaceuticals and gave the stock a “buy” rating in a research report on Wednesday. Zacks Investment Research upgraded shares of Synergy Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. Finally, Citigroup Inc. restated a “sell” rating and issued a $2.50 price target (down from $3.20) on shares of Synergy Pharmaceuticals in a research report on Wednesday, September 13th. Three research analysts have rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company’s stock. Synergy Pharmaceuticals presently has a consensus rating of “Hold” and a consensus price target of $8.90.

In other Synergy Pharmaceuticals news, major shareholder Paulson & Co. Inc. sold 26,287 shares of the firm’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $3.77, for a total transaction of $99,101.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.80% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Synergy Pharmaceuticals by 10.4% in the 2nd quarter. Vanguard Group Inc. now owns 17,422,326 shares of the biopharmaceutical company’s stock worth $77,530,000 after purchasing an additional 1,636,563 shares during the last quarter. State Street Corp grew its holdings in shares of Synergy Pharmaceuticals by 2.4% in the 2nd quarter. State Street Corp now owns 12,933,104 shares of the biopharmaceutical company’s stock worth $57,552,000 after purchasing an additional 306,989 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Synergy Pharmaceuticals by 15.3% in the 2nd quarter. Northern Trust Corp now owns 2,804,768 shares of the biopharmaceutical company’s stock worth $12,481,000 after purchasing an additional 372,683 shares during the last quarter. TimesSquare Capital Management LLC grew its holdings in shares of Synergy Pharmaceuticals by 2.7% in the 2nd quarter. TimesSquare Capital Management LLC now owns 2,568,500 shares of the biopharmaceutical company’s stock worth $11,430,000 after purchasing an additional 68,500 shares during the last quarter. Finally, Kingdon Capital Management L.L.C. grew its holdings in shares of Synergy Pharmaceuticals by 42.7% in the 1st quarter. Kingdon Capital Management L.L.C. now owns 2,237,701 shares of the biopharmaceutical company’s stock worth $10,428,000 after purchasing an additional 669,214 shares during the last quarter. 71.47% of the stock is currently owned by institutional investors and hedge funds.

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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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