Palisade Capital Management LLC NJ lowered its stake in shares of Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) by 58.3% during the second quarter, Holdings Channel reports. The institutional investor owned 71,174 shares of the biopharmaceutical company’s stock after selling 99,331 shares during the period. Palisade Capital Management LLC NJ’s holdings in Synergy Pharmaceuticals were worth $317,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. State Street Corp boosted its stake in shares of Synergy Pharmaceuticals by 100.9% in the first quarter. State Street Corp now owns 12,626,115 shares of the biopharmaceutical company’s stock valued at $58,841,000 after buying an additional 6,342,446 shares in the last quarter. TimesSquare Capital Management LLC bought a new stake in shares of Synergy Pharmaceuticals during the first quarter valued at about $11,650,000. Vanguard Group Inc. boosted its stake in shares of Synergy Pharmaceuticals by 18.8% in the first quarter. Vanguard Group Inc. now owns 15,785,763 shares of the biopharmaceutical company’s stock valued at $73,561,000 after buying an additional 2,493,557 shares in the last quarter. Pictet Asset Management Ltd. bought a new stake in shares of Synergy Pharmaceuticals during the first quarter valued at about $8,484,000. Finally, Kingdon Capital Management L.L.C. boosted its stake in shares of Synergy Pharmaceuticals by 42.7% in the first quarter. Kingdon Capital Management L.L.C. now owns 2,237,701 shares of the biopharmaceutical company’s stock valued at $10,428,000 after buying an additional 669,214 shares in the last quarter. 67.46% of the stock is owned by institutional investors.

Shares of Synergy Pharmaceuticals, Inc. (SGYP) opened at 3.53 on Thursday. The company’s 50-day moving average is $4.24 and its 200-day moving average is $4.65. Synergy Pharmaceuticals, Inc. has a 12 month low of $3.34 and a 12 month high of $7.15. The stock’s market capitalization is $794.07 million.

Synergy Pharmaceuticals (NASDAQ:SGYP) last released its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by $0.08. The business had revenue of $2.31 million for the quarter, compared to the consensus estimate of $1.98 million. During the same period last year, the firm posted ($0.23) EPS. Equities research analysts expect that Synergy Pharmaceuticals, Inc. will post ($0.95) earnings per share for the current fiscal year.

COPYRIGHT VIOLATION WARNING: “Palisade Capital Management LLC NJ Lowers Position in Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP)” was originally reported by Daily Political and is the sole property of of Daily Political. If you are accessing this story on another domain, it was illegally stolen and reposted in violation of United States and international trademark and copyright legislation. The original version of this story can be accessed at https://www.dailypolitical.com/2017/08/10/palisade-capital-management-llc-nj-lowers-position-in-synergy-pharmaceuticals-inc-nasdaqsgyp.html.

Several analysts have recently issued reports on SGYP shares. Zacks Investment Research raised shares of Synergy Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Cantor Fitzgerald started coverage on shares of Synergy Pharmaceuticals in a research note on Thursday, June 1st. They set an “overweight” rating and a $11.00 price objective for the company. ValuEngine cut shares of Synergy Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Tuesday, May 23rd. Oppenheimer Holdings, Inc. set a $9.00 price objective on shares of Synergy Pharmaceuticals and gave the company a “buy” rating in a research note on Wednesday, May 10th. Finally, HC Wainwright reissued a “buy” rating and set a $18.00 price objective on shares of Synergy Pharmaceuticals in a research note on Monday, June 12th. Four research analysts have rated the stock with a sell rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $10.67.

In other news, major shareholder Paulson & Co. Inc. sold 26,287 shares of the stock in a transaction on Monday, August 7th. The shares were sold at an average price of $3.77, for a total transaction of $99,101.99. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 3.80% of the company’s stock.

About Synergy Pharmaceuticals

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.

Want to see what other hedge funds are holding SGYP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP).

Institutional Ownership by Quarter for Synergy Pharmaceuticals (NASDAQ:SGYP)

Receive News & Ratings for Synergy Pharmaceuticals Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synergy Pharmaceuticals Inc. and related companies with MarketBeat.com's FREE daily email newsletter.