Synergy Pharmaceuticals Inc (NASDAQ:SGYP) was the recipient of a large decrease in short interest in February. As of February 28th, there was short interest totalling 62,528,372 shares, a decrease of 5.5% from the February 15th total of 66,149,740 shares. Based on an average trading volume of 3,753,571 shares, the short-interest ratio is presently 16.7 days. Approximately 59.1% of the company’s stock are sold short.
Hedge funds have recently bought and sold shares of the stock. Raymond James Financial Services Advisors Inc. increased its position in Synergy Pharmaceuticals by 13.9% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 32,018 shares of the biopharmaceutical company’s stock valued at $142,000 after buying an additional 3,900 shares in the last quarter. Advisor Group Inc. increased its position in Synergy Pharmaceuticals by 70.3% during the 3rd quarter. Advisor Group Inc. now owns 43,650 shares of the biopharmaceutical company’s stock valued at $127,000 after buying an additional 18,025 shares in the last quarter. HBK Sorce Advisory LLC bought a new position in Synergy Pharmaceuticals during the 4th quarter valued at approximately $103,000. Sandy Spring Bank bought a new position in Synergy Pharmaceuticals during the 4th quarter valued at approximately $109,000. Finally, MetLife Investment Advisors LLC bought a new position in Synergy Pharmaceuticals during the 4th quarter valued at approximately $124,000. 53.13% of the stock is owned by institutional investors.
Several brokerages have recently issued reports on SGYP. Zacks Investment Research lowered Synergy Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, March 1st. Oppenheimer reissued a “hold” rating on shares of Synergy Pharmaceuticals in a research report on Thursday, March 1st. BTIG Research reissued a “buy” rating and issued a $7.00 target price on shares of Synergy Pharmaceuticals in a research report on Tuesday, November 14th. BidaskClub lowered Synergy Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Tuesday, February 6th. Finally, HC Wainwright set a $7.00 price objective on Synergy Pharmaceuticals and gave the company a “buy” rating in a research report on Monday, March 5th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $8.08.
Synergy Pharmaceuticals (NASDAQ:SGYP) last posted its quarterly earnings data on Thursday, March 1st. The biopharmaceutical company reported ($0.16) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.19) by $0.03. Synergy Pharmaceuticals had a negative return on equity of 652.66% and a negative net margin of 1,333.76%. The company had revenue of $9.40 million during the quarter, compared to analyst estimates of $7.12 million. The business’s revenue for the quarter was up 840.0% on a year-over-year basis. equities analysts forecast that Synergy Pharmaceuticals will post -0.52 earnings per share for the current 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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