Synergy Pharmaceuticals Inc. (SGYP) Rating Reiterated by BTIG Research
Synergy Pharmaceuticals Inc. (NASDAQ:SGYP)‘s stock had its “positive” rating restated by BTIG Research in a research report issued on Monday. They currently have a $11.00 price objective on the biopharmaceutical company’s stock. BTIG Research’s target price points to a potential upside of 107.94% from the company’s current price.
Several other brokerages have also recently weighed in on SGYP. Zacks Investment Research cut Synergy Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Wednesday, October 12th. HC Wainwright set a $15.00 target price on Synergy Pharmaceuticals and gave the stock a “buy” rating in a research note on Thursday, September 8th. Rodman & Renshaw reaffirmed a “buy” rating and set a $15.00 target price on shares of Synergy Pharmaceuticals in a research note on Thursday, September 8th. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $13.00 target price on shares of Synergy Pharmaceuticals in a research note on Sunday, July 17th. One analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $9.75.
Synergy Pharmaceuticals (NASDAQ:SGYP) opened at 5.29 on Monday. The firm’s 50-day moving average price is $5.30 and its 200-day moving average price is $4.16. The company’s market cap is $949.27 million. Synergy Pharmaceuticals has a one year low of $2.50 and a one year high of $7.15.
Synergy Pharmaceuticals (NASDAQ:SGYP) last issued its quarterly earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.20) by $0.03. On average, equities research analysts forecast that Synergy Pharmaceuticals will post ($1.03) earnings per share for the current fiscal year.
In other Synergy Pharmaceuticals news, major shareholder Paulson & Co. Inc. sold 3,473,713 shares of the stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $5.61, for a total value of $19,487,529.93. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.60% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in shares of Synergy Pharmaceuticals by 27.6% in the first quarter. JPMorgan Chase & Co. now owns 1,304,086 shares of the biopharmaceutical company’s stock valued at $3,600,000 after buying an additional 281,991 shares during the last quarter. Nantahala Capital Management LLC purchased a new position in shares of Synergy Pharmaceuticals during the first quarter valued at about $828,000. Creative Planning raised its position in shares of Synergy Pharmaceuticals by 1.3% in the second quarter. Creative Planning now owns 117,436 shares of the biopharmaceutical company’s stock valued at $446,000 after buying an additional 1,450 shares during the last quarter. Nisa Investment Advisors LLC purchased a new position in shares of Synergy Pharmaceuticals during the second quarter valued at about $363,000. Finally, Bank of Montreal Can purchased a new position in shares of Synergy Pharmaceuticals during the second quarter valued at about $126,000. Institutional investors and hedge funds own 56.54% of the company’s stock.
About Synergy Pharmaceuticals
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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