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

Synergy Pharmaceuticals Inc (NASDAQ:SGYP) was the recipient of a large decline in short interest during the month of December. As of December 15th, there was short interest totalling 74,643,534 shares, a decline of 2.0% from the November 30th total of 76,152,425 shares. Currently, 30.3% of the company’s shares are short sold. Based on an average daily volume of 6,390,012 shares, the days-to-cover ratio is presently 11.7 days.

In other Synergy Pharmaceuticals news, major shareholder Paulson & Co. Inc. sold 8,750,000 shares of the business’s stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $2.82, for a total transaction of $24,675,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 3.80% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System grew its position in shares of Synergy Pharmaceuticals by 0.9% during the 2nd quarter. California State Teachers Retirement System now owns 401,730 shares of the biopharmaceutical company’s stock worth $1,788,000 after buying an additional 3,686 shares during the period. Raymond James Financial Services Advisors Inc. grew its position in shares of Synergy Pharmaceuticals by 13.9% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 32,018 shares of the biopharmaceutical company’s stock worth $142,000 after buying an additional 3,900 shares during the period. Amalgamated Bank grew its position in shares of Synergy Pharmaceuticals by 16.9% during the 2nd quarter. Amalgamated Bank now owns 28,074 shares of the biopharmaceutical company’s stock worth $125,000 after buying an additional 4,061 shares during the period. Principal Financial Group Inc. grew its position in shares of Synergy Pharmaceuticals by 11.2% during the 2nd quarter. Principal Financial Group Inc. now owns 41,507 shares of the biopharmaceutical company’s stock worth $185,000 after buying an additional 4,164 shares during the period. Finally, Advisor Group Inc. grew its position in shares of Synergy Pharmaceuticals by 25.2% during the 2nd quarter. Advisor Group Inc. now owns 25,625 shares of the biopharmaceutical company’s stock worth $114,000 after buying an additional 5,150 shares during the period. Institutional investors own 60.42% of the company’s stock.

SGYP has been the subject of several recent research reports. HC Wainwright set a $8.00 price objective on Synergy Pharmaceuticals and gave the stock a “buy” rating in a report on Wednesday, October 18th. Oppenheimer set a $6.00 price objective on Synergy Pharmaceuticals and gave the stock a “buy” rating in a report on Tuesday, October 10th. BTIG Research reissued a “buy” rating and set a $11.00 price objective on shares of Synergy Pharmaceuticals in a report on Friday, September 8th. Canaccord Genuity set a $13.00 price objective on Synergy Pharmaceuticals and gave the stock a “buy” rating in a report on Sunday, November 12th. Finally, Cantor Fitzgerald reissued a “buy” rating and set a $10.00 price objective on shares of Synergy Pharmaceuticals in a report on Tuesday, November 21st. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $7.98.

Synergy Pharmaceuticals (NASDAQ SGYP) opened at $2.44 on Friday. The stock has a market capitalization of $601.85, a PE ratio of -2.10 and a beta of 1.22. Synergy Pharmaceuticals has a 12-month low of $1.68 and a 12-month high of $7.15. The company has a current ratio of 4.26, a quick ratio of 3.88 and a debt-to-equity ratio of -68.13.

Synergy Pharmaceuticals (NASDAQ:SGYP) last posted its earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.22) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.28) by $0.06. The company had revenue of $5.01 million for the quarter, compared to analyst estimates of $4.53 million. During the same quarter in the previous year, the firm posted ($0.22) earnings per share. equities research analysts predict that Synergy Pharmaceuticals will post -1.04 earnings per share 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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