Synergy Pharmaceuticals (SGYP) Trading Down 2.2%

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Synergy Pharmaceuticals Inc (NASDAQ:SGYP)’s share price traded down 2.2% on Monday . The stock traded as low as $0.43 and last traded at $0.44. 94,994 shares were traded during trading, a decline of 99% from the average session volume of 7,379,926 shares. The stock had previously closed at $0.45.

Several equities analysts have weighed in on the company. Canaccord Genuity lowered Synergy Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Friday, October 26th. BTIG Research lowered Synergy Pharmaceuticals from a “buy” rating to a “neutral” rating in a report on Friday, October 26th. Zacks Investment Research lowered Synergy Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, October 10th. BidaskClub lowered Synergy Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Wednesday, September 12th. Finally, HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Synergy Pharmaceuticals in a report on Tuesday, August 7th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. Synergy Pharmaceuticals currently has an average rating of “Hold” and a consensus price target of $8.17.

The firm has a market cap of $111.60 million, a price-to-earnings ratio of -0.44 and a beta of 2.38.

Synergy Pharmaceuticals (NASDAQ:SGYP) last issued its quarterly earnings results on Tuesday, August 7th. The biopharmaceutical company reported ($0.12) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.03. The business had revenue of $12.25 million during the quarter, compared to analyst estimates of $10.20 million. On average, equities analysts forecast that Synergy Pharmaceuticals Inc will post -0.54 earnings per share for the current fiscal year.

Large investors have recently modified their holdings of the company. Metropolitan Life Insurance Co. NY grew its position in shares of Synergy Pharmaceuticals by 81.7% in the second quarter. Metropolitan Life Insurance Co. NY now owns 87,170 shares of the biopharmaceutical company’s stock valued at $152,000 after purchasing an additional 39,189 shares during the last quarter. Chicago Equity Partners LLC acquired a new stake in shares of Synergy Pharmaceuticals in the second quarter valued at about $324,000. Mackay Shields LLC grew its position in shares of Synergy Pharmaceuticals by 25.9% in the second quarter. Mackay Shields LLC now owns 202,600 shares of the biopharmaceutical company’s stock valued at $352,000 after purchasing an additional 41,641 shares during the last quarter. Bank of America Corp DE grew its position in shares of Synergy Pharmaceuticals by 272.9% in the second quarter. Bank of America Corp DE now owns 243,363 shares of the biopharmaceutical company’s stock valued at $423,000 after purchasing an additional 384,085 shares during the last quarter. Finally, Millennium Management LLC grew its position in shares of Synergy Pharmaceuticals by 2,579.3% in the first quarter. Millennium Management LLC now owns 504,383 shares of the biopharmaceutical company’s stock valued at $923,000 after purchasing an additional 485,558 shares during the last quarter. 39.30% of the stock is currently owned by institutional investors.

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About Synergy Pharmaceuticals (NASDAQ:SGYP)

Synergy Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization of novel therapies to treat gastrointestinal diseases and disorders. Its lead product is plecanatide, a novel uroguanylin based gastrointestinal platform that is traded under the TRULANCE name for the treatment of chronic idiopathic constipation and irritable bowel syndrome.

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