Synergy Pharmaceuticals, Inc. (SGYP) Short Interest Up 16.1% in November
Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) saw a large growth in short interest during the month of November. As of November 15th, there was short interest totalling 79,970,797 shares, a growth of 16.1% from the October 31st total of 68,882,733 shares. Currently, 35.6% of the shares of the company are short sold. Based on an average daily volume of 13,567,605 shares, the short-interest ratio is currently 5.9 days.
In other Synergy Pharmaceuticals news, major shareholder Paulson & Co. Inc. sold 8,750,000 shares of the firm’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $2.82, for a total transaction of $24,675,000.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 3.80% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Synergy Pharmaceuticals by 10.4% during the second quarter. Vanguard Group Inc. now owns 17,422,326 shares of the biopharmaceutical company’s stock worth $77,530,000 after buying an additional 1,636,563 shares in the last quarter. State Street Corp grew its holdings in shares of Synergy Pharmaceuticals by 2.4% during the second quarter. State Street Corp now owns 12,933,104 shares of the biopharmaceutical company’s stock worth $57,552,000 after buying an additional 306,989 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Synergy Pharmaceuticals by 71.3% during the third quarter. JPMorgan Chase & Co. now owns 3,405,377 shares of the biopharmaceutical company’s stock worth $8,820,000 after buying an additional 1,417,177 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Synergy Pharmaceuticals by 15.3% during the second quarter. Northern Trust Corp now owns 2,804,768 shares of the biopharmaceutical company’s stock worth $12,481,000 after buying an additional 372,683 shares in the last quarter. Finally, Pictet Asset Management Ltd. grew its holdings in shares of Synergy Pharmaceuticals by 30.8% during the third quarter. Pictet Asset Management Ltd. now owns 2,611,536 shares of the biopharmaceutical company’s stock worth $7,574,000 after buying an additional 615,025 shares in the last quarter. Institutional investors own 60.53% of the company’s stock.
SGYP has been the topic of several analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $11.00 target price on shares of Synergy Pharmaceuticals in a report on Friday, September 8th. BTIG Research reaffirmed a “buy” rating and issued a $11.00 target price on shares of Synergy Pharmaceuticals in a report on Friday, September 8th. Citigroup reaffirmed a “sell” rating and issued a $2.50 target price (down previously from $3.20) on shares of Synergy Pharmaceuticals in a report on Wednesday, September 13th. ValuEngine downgraded shares of Synergy Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. Finally, Canaccord Genuity set a $13.00 target price on shares of Synergy Pharmaceuticals and gave the company a “buy” rating in a report on Sunday, November 12th. Three analysts have rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company’s stock. Synergy Pharmaceuticals presently has a consensus rating of “Hold” and an average target price of $7.93.
Synergy Pharmaceuticals (NASDAQ SGYP) opened at $1.99 on Thursday. The company has a debt-to-equity ratio of -68.13, a current ratio of 4.26 and a quick ratio of 3.88. Synergy Pharmaceuticals has a 52-week low of $1.68 and a 52-week 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, topping analysts’ consensus estimates of ($0.28) by $0.06. The business had revenue of $5.01 million for the quarter, compared to analyst estimates of $4.53 million. During the same quarter in the previous year, the firm posted ($0.22) EPS. analysts expect that Synergy Pharmaceuticals will post -1.08 earnings per share for the current fiscal year.
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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.
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