Shares of Synergy Pharmaceuticals Inc (NASDAQ:SGYP) gapped down before the market opened on Tuesday . The stock had previously closed at $0.39, but opened at $0.38. Synergy Pharmaceuticals shares last traded at $0.37, with a volume of 31354 shares.

SGYP has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Synergy Pharmaceuticals from a “hold” rating to a “buy” rating and set a $2.00 target price on the stock in a research report on Tuesday, August 14th. BidaskClub upgraded Synergy Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 9th. Canaccord Genuity cut Synergy Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Friday, October 26th. HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of Synergy Pharmaceuticals in a research report on Tuesday, August 7th. Finally, BTIG Research cut Synergy Pharmaceuticals from a “buy” rating to a “neutral” rating in a research report on Friday, October 26th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. Synergy Pharmaceuticals has a consensus rating of “Hold” and a consensus price target of $7.20.

The stock has a market cap of $97.23 million, a PE ratio of -0.38 and a beta of 2.38.

Synergy Pharmaceuticals (NASDAQ:SGYP) last issued its quarterly earnings results on Thursday, November 8th. The biopharmaceutical company reported ($0.14) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.13) by ($0.01). The company had revenue of $11.11 million during the quarter, compared to analysts’ expectations of $15.65 million. On average, equities analysts forecast that Synergy Pharmaceuticals Inc will post -0.54 earnings per share for the current year.

Hedge funds have recently modified their holdings of the stock. Metropolitan Life Insurance Co. NY increased its position in Synergy Pharmaceuticals by 81.7% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 87,170 shares of the biopharmaceutical company’s stock valued at $152,000 after acquiring an additional 39,189 shares during the period. Chicago Equity Partners LLC acquired a new position in Synergy Pharmaceuticals during the 2nd quarter worth approximately $324,000. Mackay Shields LLC increased its position in Synergy Pharmaceuticals by 25.9% during the 2nd quarter. Mackay Shields LLC now owns 202,600 shares of the biopharmaceutical company’s stock worth $352,000 after purchasing an additional 41,641 shares during the period. Bank of America Corp DE increased its position in Synergy Pharmaceuticals by 272.9% during the 2nd quarter. Bank of America Corp DE now owns 243,363 shares of the biopharmaceutical company’s stock worth $423,000 after purchasing an additional 384,085 shares during the period. Finally, Millennium Management LLC increased its position in Synergy Pharmaceuticals by 2,579.3% during the 1st quarter. Millennium Management LLC now owns 504,383 shares of the biopharmaceutical company’s stock worth $923,000 after purchasing an additional 485,558 shares during the period. Hedge funds and other institutional investors own 39.60% of the company’s stock.

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Synergy Pharmaceuticals Company Profile (NASDAQ:SGYP)

Synergy Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization of novel therapies to treat gastrointestinal diseases and disorders. Its lead product is plecanatide, a novel uroguanylin based gastrointestinal platform that is traded under the TRULANCE name for the treatment of chronic idiopathic constipation and irritable bowel syndrome.

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