BTIG Research Reaffirms Buy Rating for Synergy Pharmaceuticals Inc. (SGYP)
BTIG Research reiterated their buy rating on shares of Synergy Pharmaceuticals Inc. (NASDAQ:SGYP) in a research report sent to investors on Friday morning. They currently have a $11.00 target price on the biopharmaceutical company’s stock.
SGYP has been the topic of a number of other research reports. HC Wainwright set a $15.00 price target on Synergy Pharmaceuticals and gave the company a buy rating in a research note on Thursday, September 8th. Rodman & Renshaw reissued a buy rating and issued a $15.00 price target on shares of Synergy Pharmaceuticals in a research note on Tuesday, July 12th. Roth Capital reissued a buy rating and issued a $6.50 price target on shares of Synergy Pharmaceuticals in a research note on Thursday, May 26th. Canaccord Genuity reissued a buy rating and issued a $13.00 price target on shares of Synergy Pharmaceuticals in a research note on Monday, May 23rd. Finally, Zacks Investment Research downgraded Synergy Pharmaceuticals from a buy rating to a hold rating in a research note on Tuesday, May 24th. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Synergy Pharmaceuticals presently has a consensus rating of Buy and an average price target of $9.75.
Synergy Pharmaceuticals (NASDAQ:SGYP) opened at 5.63 on Friday. Synergy Pharmaceuticals has a 52 week low of $2.50 and a 52 week high of $7.15. The stock’s market cap is $1.01 billion. The firm has a 50-day moving average price of $4.96 and a 200-day moving average price of $3.84.
Synergy Pharmaceuticals (NASDAQ:SGYP) last posted its quarterly earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.23) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.20) by $0.03. On average, equities research analysts predict that Synergy Pharmaceuticals will post ($1.03) EPS for the current year.
In other Synergy Pharmaceuticals news, major shareholder Paulson & Co. Inc. sold 3,473,713 shares of Synergy Pharmaceuticals stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $5.61, for a total value of $19,487,529.93. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 3.60% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in the stock. Legal & General Group Plc boosted its position in shares of Synergy Pharmaceuticals by 60.0% in the second quarter. Legal & General Group Plc now owns 29,343 shares of the biopharmaceutical company’s stock valued at $109,000 after buying an additional 11,001 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Synergy Pharmaceuticals by 82.4% in the second quarter. Principal Financial Group Inc. now owns 31,927 shares of the biopharmaceutical company’s stock valued at $121,000 after buying an additional 14,422 shares during the last quarter. Bank of Montreal Can bought a new position in shares of Synergy Pharmaceuticals during the second quarter valued at $126,000. State Treasurer State of Michigan bought a new position in shares of Synergy Pharmaceuticals during the second quarter valued at $152,000. Finally, Cheyne Capital Management UK LLP bought a new position in shares of Synergy Pharmaceuticals during the second quarter valued at $250,000. Institutional investors own 56.67% of the company’s stock.
Synergy Pharmaceuticals Company Profile
Synergy Pharmaceuticals Inc (Synergy) is a biopharmaceutical company focused on the development and commercialization of gastrointestinal (GI) therapies. The Company’s GI platform includes two lead product candidates: plecanatide and dolcanatide. It is engaged in the discovery, research and development involving uroguanylin analogs for the treatment of functional GI disorders and inflammatory bowel disease.
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