Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) shares gapped up before the market opened on Wednesday . The stock had previously closed at $2.84, but opened at $2.90. Synergy Pharmaceuticals shares last traded at $2.95, with a volume of 6,448,965 shares trading hands.

A number of research analysts have recently issued reports on the company. Rodman & Renshaw decreased their target price on Synergy Pharmaceuticals from $18.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, August 10th. Canaccord Genuity set a $13.00 target price on Synergy Pharmaceuticals and gave the company a “buy” rating in a research report on Monday, July 31st. Cantor Fitzgerald reiterated an “overweight” rating and set a $11.00 target price on shares of Synergy Pharmaceuticals in a research report on Friday, June 9th. Oppenheimer Holdings, Inc. set a $9.00 target price on Synergy Pharmaceuticals and gave the company a “buy” rating in a research report on Thursday, August 10th. Finally, ValuEngine lowered Synergy Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Tuesday, May 23rd. Four investment analysts have rated the stock with a sell rating and eight have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $10.07.

The company’s 50-day moving average is $3.39 and its 200-day moving average is $4.19. The stock’s market capitalization is $677.11 million.

Synergy Pharmaceuticals (NASDAQ:SGYP) last posted its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.33) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.25) by $0.08. The business had revenue of $2.31 million during the quarter, compared to the consensus estimate of $1.98 million. During the same quarter last year, the firm posted ($0.23) EPS. On average, analysts predict that Synergy Pharmaceuticals, Inc. will post ($1.09) earnings per share for the current year.

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 stock was sold at an average price of $3.77, for a total transaction of $99,101.99. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 3.80% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Alambic Investment Management L.P. purchased a new stake in Synergy Pharmaceuticals during the first quarter worth $612,000. Sei Investments Co. boosted its position in Synergy Pharmaceuticals by 18.2% during the second quarter. Sei Investments Co. now owns 367,779 shares of the biopharmaceutical company’s stock worth $1,637,000 after purchasing an additional 56,595 shares in the last quarter. EAM Investors LLC purchased a new stake in Synergy Pharmaceuticals during the first quarter worth $2,797,000. UBS Asset Management Americas Inc. boosted its position in Synergy Pharmaceuticals by 47.4% during the first quarter. UBS Asset Management Americas Inc. now owns 78,636 shares of the biopharmaceutical company’s stock worth $366,000 after purchasing an additional 25,300 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in Synergy Pharmaceuticals by 27.4% during the first quarter. Janney Montgomery Scott LLC now owns 30,200 shares of the biopharmaceutical company’s stock worth $141,000 after purchasing an additional 6,500 shares in the last quarter. Institutional investors own 71.48% of the company’s stock.

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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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