Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) major shareholder Paulson & Co. Inc. sold 8,750,000 shares of the stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $2.82, for a total value of $24,675,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Shares of Synergy Pharmaceuticals, Inc. (NASDAQ SGYP) traded down $0.28 during midday trading on Tuesday, reaching $2.44. The company’s stock had a trading volume of 24,011,202 shares, compared to its average volume of 5,717,827. The company has a current ratio of 4.26, a quick ratio of 3.88 and a debt-to-equity ratio of -68.13. Synergy Pharmaceuticals, Inc. has a 1-year low of $2.42 and a 1-year high of $7.15.

Synergy Pharmaceuticals (NASDAQ:SGYP) last announced its earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.06. The company had revenue of $5.01 million for the quarter, compared to the consensus estimate of $4.53 million. During the same period last year, the business posted ($0.22) EPS. equities research analysts expect that Synergy Pharmaceuticals, Inc. will post -1.13 EPS for the current year.

ILLEGAL ACTIVITY WARNING: “Insider Selling: Synergy Pharmaceuticals, Inc. (SGYP) Major Shareholder Sells 8,750,000 Shares of Stock” was originally reported by Daily Political and is the property of of Daily Political. If you are accessing this piece on another publication, it was illegally copied and republished in violation of U.S. & international trademark and copyright laws. The original version of this piece can be viewed at https://www.dailypolitical.com/2017/11/14/insider-selling-synergy-pharmaceuticals-inc-sgyp-major-shareholder-sells-8750000-shares-of-stock.html.

Several brokerages recently issued reports on SGYP. Rodman & Renshaw dropped their price objective on Synergy Pharmaceuticals from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 10th. Oppenheimer Holdings, Inc. dropped their price objective on Synergy Pharmaceuticals from $9.00 to $6.00 and set an “outperform” rating on the stock in a research note on Friday, September 8th. Canaccord Genuity set a $13.00 price objective on Synergy Pharmaceuticals and gave the stock a “buy” rating in a research note on Monday, July 31st. Zacks Investment Research raised Synergy Pharmaceuticals from a “sell” rating to a “hold” rating and set a $3.25 price objective on the stock in a research note on Thursday, November 9th. Finally, BidaskClub cut Synergy Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Three analysts have rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $8.39.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Synergy Pharmaceuticals by 10.4% in the 2nd quarter. Vanguard Group Inc. now owns 17,422,326 shares of the biopharmaceutical company’s stock worth $77,530,000 after purchasing an additional 1,636,563 shares in the last quarter. State Street Corp boosted its position in shares of Synergy Pharmaceuticals by 2.4% in the 2nd quarter. State Street Corp now owns 12,933,104 shares of the biopharmaceutical company’s stock worth $57,552,000 after purchasing an additional 306,989 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Synergy Pharmaceuticals by 71.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,405,377 shares of the biopharmaceutical company’s stock worth $8,820,000 after purchasing an additional 1,417,177 shares in the last quarter. Northern Trust Corp boosted its position in shares of Synergy Pharmaceuticals by 15.3% in the 2nd quarter. Northern Trust Corp now owns 2,804,768 shares of the biopharmaceutical company’s stock worth $12,481,000 after purchasing an additional 372,683 shares in the last quarter. Finally, Pictet Asset Management Ltd. boosted its position in shares of Synergy Pharmaceuticals by 30.8% in the 3rd quarter. Pictet Asset Management Ltd. now owns 2,611,536 shares of the biopharmaceutical company’s stock worth $7,574,000 after purchasing an additional 615,025 shares in the last quarter. 72.10% of the stock is currently owned by institutional investors and hedge funds.

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.

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.