Synergy Pharmaceuticals Inc (NASDAQ:SGYP) shot up 5.7% during mid-day trading on Friday . The company traded as high as $2.45 and last traded at $2.40. 5,405,590 shares were traded during trading, a decline of 20% from the average session volume of 6,720,500 shares. The stock had previously closed at $2.27.

A number of brokerages have issued reports on SGYP. HC Wainwright set a $8.00 target price on shares of Synergy Pharmaceuticals and gave the company a “buy” rating in a research note on Wednesday, October 11th. Oppenheimer set a $6.00 target price on shares of Synergy Pharmaceuticals and gave the company a “buy” rating in a research note on Tuesday, October 10th. Zacks Investment Research raised shares of Synergy Pharmaceuticals from a “sell” rating to a “hold” rating and set a $3.25 target price for the company in a research note on Thursday, November 9th. Canaccord Genuity set a $13.00 target price on shares of Synergy Pharmaceuticals and gave the company a “buy” rating in a research note on Sunday, November 12th. Finally, CIBC reaffirmed a “market perform” rating on shares of Synergy Pharmaceuticals in a research note on Friday, January 5th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. Synergy Pharmaceuticals has a consensus rating of “Hold” and an average price target of $8.38.

The company has a debt-to-equity ratio of -68.13, a quick ratio of 3.88 and a current ratio of 4.26.

Synergy Pharmaceuticals (NASDAQ:SGYP) last released its quarterly earnings data 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 business had revenue of $5.01 million during the quarter, compared to analyst estimates of $4.53 million. During the same period in the previous year, the firm posted ($0.22) EPS. research analysts forecast that Synergy Pharmaceuticals Inc will post -1.03 earnings per share for the current year.

In related news, major shareholder Paulson & Co. Inc. sold 8,750,000 shares of Synergy Pharmaceuticals stock in a transaction on Friday, November 10th. The shares were sold at an average price of $2.82, for a total value of $24,675,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.80% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in SGYP. Schwab Charles Investment Management Inc. raised its holdings in Synergy Pharmaceuticals by 13.9% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 980,554 shares of the biopharmaceutical company’s stock worth $4,364,000 after acquiring an additional 119,492 shares during the period. Rhumbline Advisers raised its holdings in Synergy Pharmaceuticals by 15.8% in the 2nd quarter. Rhumbline Advisers now owns 255,918 shares of the biopharmaceutical company’s stock worth $1,139,000 after acquiring an additional 34,942 shares during the period. Legal & General Group Plc raised its holdings in Synergy Pharmaceuticals by 13.9% in the 2nd quarter. Legal & General Group Plc now owns 56,358 shares of the biopharmaceutical company’s stock worth $249,000 after acquiring an additional 6,882 shares during the period. BNP Paribas Arbitrage SA raised its holdings in Synergy Pharmaceuticals by 637.1% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 28,776 shares of the biopharmaceutical company’s stock worth $128,000 after acquiring an additional 24,872 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in Synergy Pharmaceuticals by 11.2% in the 2nd quarter. Principal Financial Group Inc. now owns 41,507 shares of the biopharmaceutical company’s stock worth $185,000 after acquiring an additional 4,164 shares during the period. Hedge funds and other institutional investors own 60.42% 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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