Citigroup Inc. reiterated their sell rating on shares of Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) in a research note released on Wednesday, Marketbeat Ratings reports. The brokerage currently has a $2.50 price target on the biopharmaceutical company’s stock, down from their prior price target of $3.20.

SGYP has been the subject of a number of other reports. Cantor Fitzgerald restated an overweight rating and set a $11.00 price objective on shares of Synergy Pharmaceuticals in a research report on Friday, September 8th. HC Wainwright restated a buy rating and set a $18.00 price objective on shares of Synergy Pharmaceuticals in a research report on Friday, May 19th. BTIG Research restated a buy rating and set a $11.00 price objective on shares of Synergy Pharmaceuticals in a research report on Friday, September 8th. Zacks Investment Research downgraded Synergy Pharmaceuticals from a hold rating to a sell rating in a research report on Tuesday, July 18th. Finally, BidaskClub upgraded Synergy Pharmaceuticals from a sell rating to a hold rating in a research report on Friday, June 23rd. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $9.32.

Shares of Synergy Pharmaceuticals (SGYP) traded up 3.05% during mid-day trading on Wednesday, hitting $2.70. The stock had a trading volume of 5,833,591 shares. Synergy Pharmaceuticals has a 1-year low of $2.57 and a 1-year high of $7.15. The stock’s 50-day moving average is $3.14 and its 200-day moving average is $4.08. The firm’s market capitalization is $607.38 million.

Synergy Pharmaceuticals (NASDAQ:SGYP) last announced its quarterly 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 firm had revenue of $2.31 million during the quarter, compared to analysts’ expectations of $1.98 million. During the same quarter last year, the firm earned ($0.23) earnings per share. Equities analysts expect that Synergy Pharmaceuticals will post ($1.14) earnings per share for the current year.

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In other Synergy Pharmaceuticals news, major shareholder Paulson & Co. Inc. sold 26,287 shares of Synergy Pharmaceuticals stock in a transaction that occurred on Monday, August 7th. The stock was 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 through this hyperlink. Insiders own 3.80% of the company’s stock.

A number of hedge funds have recently modified their holdings of SGYP. Teachers Advisors LLC increased its holdings in Synergy Pharmaceuticals by 4.0% in the fourth quarter. Teachers Advisors LLC now owns 298,781 shares of the biopharmaceutical company’s stock worth $1,820,000 after purchasing an additional 11,521 shares in the last quarter. Nationwide Fund Advisors increased its holdings in Synergy Pharmaceuticals by 9.1% in the first quarter. Nationwide Fund Advisors now owns 301,829 shares of the biopharmaceutical company’s stock worth $1,407,000 after purchasing an additional 25,113 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in Synergy Pharmaceuticals by 27.4% in 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. Russell Investments Group Ltd. increased its holdings in Synergy Pharmaceuticals by 11.9% in the first quarter. Russell Investments Group Ltd. now owns 219,625 shares of the biopharmaceutical company’s stock worth $1,024,000 after purchasing an additional 23,278 shares in the last quarter. Finally, Wells Fargo & Company MN increased its holdings in Synergy Pharmaceuticals by 15.0% in the first quarter. Wells Fargo & Company MN now owns 178,624 shares of the biopharmaceutical company’s stock worth $832,000 after purchasing an additional 23,350 shares in the last quarter. Institutional investors and hedge funds own 71.48% of the company’s stock.

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.

Analyst Recommendations for Synergy Pharmaceuticals (NASDAQ:SGYP)

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