Zacks Investment Research Downgrades Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) to Sell

Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday, July 18th.

According to Zacks, “Synergy Pharmaceuticals, Inc. is a biopharmaceutical company focused primarily on the development of drugs to treat gastrointestinal disorders and diseases. Its lead drug candidate plecanatide is a guanylyl cyclase C receptor agonist, to treat GI disorders, primarily chronic constipation and constipation-predominant- irritable bowel syndrome. It is also engaged in developing receptor agonist for the treatment of gastrointestinal inflammatory diseases, such as ulcerative colitis. Synergy Pharmaceuticals, Inc. is headquartered in New York, New York. “

Other analysts also recently issued reports about the company. Citigroup Inc. reaffirmed a “sell” rating and set a $3.70 price objective on shares of Synergy Pharmaceuticals in a research note on Wednesday, June 28th. BTIG Research reaffirmed a “buy” rating and set a $11.00 price objective on shares of Synergy Pharmaceuticals in a research note on Tuesday, April 11th. BidaskClub raised Synergy Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, June 23rd. Rodman & Renshaw reaffirmed a “buy” rating and set a $18.00 price objective on shares of Synergy Pharmaceuticals in a research note on Wednesday, March 29th. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $13.00 price objective on shares of Synergy Pharmaceuticals in a research note on Friday, May 19th. Four research analysts have rated the stock with a sell rating and eight have assigned a buy rating to the company’s stock. Synergy Pharmaceuticals presently has an average rating of “Hold” and a consensus target price of $10.07.

Shares of Synergy Pharmaceuticals (NASDAQ SGYP) traded down 2.93% during midday trading on Tuesday, reaching $2.98. The company had a trading volume of 15,822,439 shares. Synergy Pharmaceuticals has a 52 week low of $2.88 and a 52 week high of $7.15. The company’s market capitalization is $670.36 million. The company’s 50 day moving average price is $4.15 and its 200-day moving average price is $4.62.

Synergy Pharmaceuticals (NASDAQ:SGYP) last posted its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.33) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.25) by $0.08. The firm had revenue of $2.31 million during the quarter, compared to analyst estimates of $1.98 million. During the same period in the prior year, the firm earned ($0.23) earnings per share. On average, equities research analysts predict that Synergy Pharmaceuticals will post ($1.05) earnings per share for the current fiscal year.

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In related news, major shareholder Paulson & Co. Inc. sold 26,287 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $3.77, for a total value of $99,101.99. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 3.80% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. State Street Corp boosted its stake in Synergy Pharmaceuticals by 11.6% in the fourth quarter. State Street Corp now owns 6,283,669 shares of the biopharmaceutical company’s stock worth $38,270,000 after buying an additional 653,353 shares in the last quarter. Alambic Investment Management L.P. purchased a new stake in Synergy Pharmaceuticals during the first quarter worth $612,000. Tudor Investment Corp Et Al boosted its stake in Synergy Pharmaceuticals by 1.3% in the fourth quarter. Tudor Investment Corp Et Al now owns 18,376 shares of the biopharmaceutical company’s stock worth $112,000 after buying an additional 232 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in Synergy Pharmaceuticals during the fourth quarter worth $1,162,000. Finally, EAM Investors LLC purchased a new stake in Synergy Pharmaceuticals during the first quarter worth $2,797,000. Institutional investors and hedge funds own 67.46% of the company’s stock.

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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