Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) shares shot up 5.2% on Wednesday . The stock traded as high as $2.03 and last traded at $2.01. 4,345,986 shares changed hands during trading, a decline of 27% from the average session volume of 5,926,792 shares. The stock had previously closed at $1.91.
Several research firms have recently weighed in on SGYP. Oppenheimer cut their price target on Synergy Pharmaceuticals from $9.00 to $6.00 and set an “outperform” rating for the company in a research note on Friday, September 8th. Cantor Fitzgerald reiterated a “buy” rating and set a $10.00 price target on shares of Synergy Pharmaceuticals in a research note on Tuesday, November 21st. CIBC cut their price target on Synergy Pharmaceuticals from $9.00 to $6.00 and set an “outperform” rating for the company in a research note on Friday, September 8th. Zacks Investment Research upgraded Synergy Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, September 13th. Finally, HC Wainwright set a $8.00 price target on Synergy Pharmaceuticals and gave the stock a “buy” rating in a research note on Wednesday, October 18th. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company’s stock. Synergy Pharmaceuticals currently has a consensus rating of “Hold” and an average target price of $7.84.
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 related news, major shareholder Paulson & Co. Inc. sold 8,750,000 shares of the stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $2.82, for a total transaction of $24,675,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 3.80% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Alliancebernstein L.P. lifted its holdings in Synergy Pharmaceuticals by 25.9% during the 2nd quarter. Alliancebernstein L.P. now owns 339,330 shares of the biopharmaceutical company’s stock worth $1,510,000 after purchasing an additional 69,800 shares in the last quarter. Sei Investments Co. raised its holdings in shares of Synergy Pharmaceuticals by 18.2% in the 2nd quarter. Sei Investments Co. now owns 367,779 shares of the biopharmaceutical company’s stock valued at $1,637,000 after acquiring an additional 56,595 shares in the last quarter. Swiss National Bank raised its holdings in shares of Synergy Pharmaceuticals by 14.4% in the 2nd quarter. Swiss National Bank now owns 371,650 shares of the biopharmaceutical company’s stock valued at $1,654,000 after acquiring an additional 46,800 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Synergy Pharmaceuticals by 60.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,988,200 shares of the biopharmaceutical company’s stock valued at $8,848,000 after acquiring an additional 752,475 shares in the last quarter. Finally, State of Wisconsin Investment Board purchased a new stake in shares of Synergy Pharmaceuticals in the 2nd quarter valued at about $730,000. 60.52% of the stock is currently 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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