Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $2.62 and last traded at $2.61, with a volume of 2,959,403 shares traded. The stock had previously closed at $2.71.

Several equities research analysts have issued reports on SGYP shares. Oppenheimer Holdings, Inc. dropped their target price on Synergy Pharmaceuticals from $9.00 to $6.00 and set an “outperform” rating on the stock in a research report on Friday, September 8th. ValuEngine downgraded Synergy Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Zacks Investment Research upgraded Synergy Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. Cantor Fitzgerald started coverage on Synergy Pharmaceuticals in a research report on Thursday, June 1st. They set an “overweight” rating and a $11.00 target price on the stock. Finally, HC Wainwright restated a “buy” rating and set a $18.00 target price on shares of Synergy Pharmaceuticals in a research report on Monday, June 12th. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $9.32.

The firm’s market cap is $607.38 million. The stock has a 50 day moving average price of $3.14 and a 200 day moving average price of $4.08.

Synergy Pharmaceuticals (NASDAQ:SGYP) last issued its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.08). The company had revenue of $2.31 million for the quarter, compared to the consensus estimate of $1.98 million. During the same period in the prior year, the company earned ($0.23) earnings per share. Analysts expect that Synergy Pharmaceuticals, Inc. will post ($1.14) EPS for the current fiscal year.

In related news, major shareholder Paulson & Co. Inc. sold 26,287 shares of the company’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $3.77, for a total value of $99,101.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.80% of the company’s stock.

A number of institutional investors have recently modified their holdings of SGYP. Dynamic Technology Lab Private Ltd bought a new position in Synergy Pharmaceuticals in the 2nd quarter worth $101,000. Amalgamated Bank boosted its holdings in Synergy Pharmaceuticals by 7.9% in the 1st quarter. Amalgamated Bank now owns 24,013 shares of the biopharmaceutical company’s stock worth $112,000 after buying an additional 1,758 shares during the period. Advisor Group Inc. boosted its holdings in Synergy Pharmaceuticals by 25.2% in the 2nd quarter. Advisor Group Inc. now owns 25,625 shares of the biopharmaceutical company’s stock worth $114,000 after buying an additional 5,150 shares during the period. Captrust Financial Advisors bought a new position in Synergy Pharmaceuticals in the 2nd quarter worth $122,000. Finally, Stephens Inc. AR boosted its holdings in Synergy Pharmaceuticals by 39.0% in the 2nd quarter. Stephens Inc. AR now owns 28,500 shares of the biopharmaceutical company’s stock worth $127,000 after buying an additional 8,000 shares during the period. 71.48% of the stock is owned by institutional investors.

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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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