Synergy Pharmaceuticals, Inc. (SGYP) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) from a sell rating to a hold rating in a report released on Wednesday.

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. “

A number of other brokerages also recently issued reports on SGYP. Cantor Fitzgerald restated an overweight rating and set a $11.00 price target on shares of Synergy Pharmaceuticals in a report on Friday, September 8th. Canaccord Genuity restated a buy rating and set a $13.00 price target on shares of Synergy Pharmaceuticals in a report on Monday, July 10th. BidaskClub downgraded shares of Synergy Pharmaceuticals from a sell rating to a strong sell rating in a report on Saturday, August 5th. HC Wainwright restated a buy rating and set a $18.00 price target on shares of Synergy Pharmaceuticals in a report on Monday, June 12th. Finally, ValuEngine downgraded shares of Synergy Pharmaceuticals from a hold rating to a sell rating in a report on Tuesday, May 23rd. 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 stock. The company presently has an average rating of Hold and an average target price of $9.32.

Synergy Pharmaceuticals (NASDAQ:SGYP) opened at 2.70 on Wednesday. The company’s market cap is $607.38 million. Synergy Pharmaceuticals has a 1-year low of $2.57 and a 1-year high of $7.15. The stock’s 50 day moving average price is $3.14 and its 200-day moving average price is $4.08.

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 prior year, the company earned ($0.23) EPS. On average, analysts forecast that Synergy Pharmaceuticals will post ($1.14) earnings per share for the current year.

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In other Synergy Pharmaceuticals news, major shareholder Paulson & Co. Inc. sold 26,287 shares of the business’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $3.77, for a total value of $99,101.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.80% of the company’s stock.

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of Synergy Pharmaceuticals by 10.4% during 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 lifted its position in shares of Synergy Pharmaceuticals by 2.4% during 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 lifted its position in shares of Synergy Pharmaceuticals by 15.3% during 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 lifted its position in shares of Synergy Pharmaceuticals by 2.7% during 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. lifted its position in shares of Synergy Pharmaceuticals by 42.7% during 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. Institutional investors and hedge funds own 71.48% of the company’s stock.

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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Analyst Recommendations for Synergy Pharmaceuticals (NASDAQ:SGYP)

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