Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP)’s share price traded up 6.4% during mid-day trading on Wednesday . The company traded as high as $2.06 and last traded at $1.99. 9,599,907 shares changed hands during trading, an increase of 61% from the average session volume of 5,953,490 shares. The stock had previously closed at $1.87.
A number of equities analysts have issued reports on the company. Cantor Fitzgerald reaffirmed a “buy” rating and set a $11.00 price target on shares of Synergy Pharmaceuticals in a research note on Thursday, August 10th. Oppenheimer set a $9.00 price objective on Synergy Pharmaceuticals and gave the stock a “buy” rating in a research note on Thursday, August 10th. HC Wainwright set a $15.00 price objective on Synergy Pharmaceuticals and gave the stock a “buy” rating in a research note on Thursday, August 10th. Rodman & Renshaw reduced their price objective on Synergy Pharmaceuticals from $18.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, August 10th. Finally, BTIG Research reissued a “buy” rating and set a $7.00 price objective on shares of Synergy Pharmaceuticals in a research note on Tuesday, November 14th. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $7.93.
The company has a current ratio of 4.26, a quick ratio of 3.88 and a debt-to-equity ratio of -68.13.
In other news, major shareholder Paulson & Co. Inc. sold 8,750,000 shares of the firm’s stock in a transaction 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.80% of the company’s stock.
Several institutional investors have recently modified their holdings of SGYP. Vanguard Group Inc. boosted its position in shares of Synergy Pharmaceuticals by 18.8% in the first quarter. Vanguard Group Inc. now owns 15,785,763 shares of the biopharmaceutical company’s stock worth $73,561,000 after buying an additional 2,493,557 shares during the period. Cheyne Capital Management UK LLP boosted its position in shares of Synergy Pharmaceuticals by 1,060.7% in the third quarter. Cheyne Capital Management UK LLP now owns 1,625,000 shares of the biopharmaceutical company’s stock worth $188,000 after buying an additional 1,485,000 shares during the period. OxFORD Asset Management LLP acquired a new stake in shares of Synergy Pharmaceuticals in the second quarter worth $6,372,000. JPMorgan Chase & Co. raised 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 acquiring an additional 1,417,177 shares in the last quarter. Finally, Hikari Power Ltd raised its holdings in shares of Synergy Pharmaceuticals by 200.0% during the third quarter. Hikari Power Ltd now owns 1,500,000 shares of the biopharmaceutical company’s stock worth $4,350,000 after acquiring an additional 1,000,000 shares in the last quarter. 60.53% of the stock is owned by institutional investors and hedge funds.
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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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