Synergy Pharmaceuticals Inc (NASDAQ:SGYP) saw a large increase in short interest in the month of December. As of December 29th, there was short interest totalling 75,531,974 shares, an increase of 1.2% from the December 15th total of 74,643,534 shares. Based on an average daily volume of 5,373,686 shares, the days-to-cover ratio is presently 14.1 days. Approximately 30.7% of the shares of the company are sold short.
SGYP has been the topic of several research analyst reports. HC Wainwright reissued a “buy” rating and issued a $8.00 price target (down from $15.00) on shares of Synergy Pharmaceuticals in a report on Monday, September 25th. They noted that the move was a valuation call. Oppenheimer cut shares of Synergy Pharmaceuticals from an “outperform” rating to a “market perform” rating in a report on Thursday, January 4th. Canaccord Genuity set a $13.00 price target on shares of Synergy Pharmaceuticals and gave the company a “buy” rating in a report on Sunday, November 12th. Cantor Fitzgerald reissued a “buy” rating and issued a $10.00 price target on shares of Synergy Pharmaceuticals in a report on Tuesday, November 21st. Finally, Zacks Investment Research raised shares of Synergy Pharmaceuticals from a “sell” rating to a “hold” rating and set a $3.25 price target on the stock in a report on Thursday, November 9th. Two analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $8.38.
In other news, major shareholder Paulson & Co. Inc. sold 8,750,000 shares of the company’s stock in a transaction dated Friday, November 10th. The shares were 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 SEC, which can be accessed through this hyperlink. 3.80% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System increased its holdings in shares of Synergy Pharmaceuticals by 0.9% during the second quarter. California State Teachers Retirement System now owns 401,730 shares of the biopharmaceutical company’s stock worth $1,788,000 after purchasing an additional 3,686 shares during the period. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Synergy Pharmaceuticals by 13.9% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 32,018 shares of the biopharmaceutical company’s stock worth $142,000 after purchasing an additional 3,900 shares during the period. Amalgamated Bank increased its holdings in shares of Synergy Pharmaceuticals by 16.9% during the second quarter. Amalgamated Bank now owns 28,074 shares of the biopharmaceutical company’s stock worth $125,000 after purchasing an additional 4,061 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Synergy Pharmaceuticals by 11.2% during the second quarter. Principal Financial Group Inc. now owns 41,507 shares of the biopharmaceutical company’s stock worth $185,000 after purchasing an additional 4,164 shares during the period. Finally, Advisor Group Inc. increased its holdings in shares of Synergy Pharmaceuticals by 25.2% during the second quarter. Advisor Group Inc. now owns 25,625 shares of the biopharmaceutical company’s stock worth $114,000 after purchasing an additional 5,150 shares during the period. 60.42% of the stock is currently owned by institutional investors.
Synergy Pharmaceuticals (SGYP) opened at $2.24 on Wednesday. The firm has a market cap of $552.52, a PE ratio of -1.93 and a beta of 1.22. The company has a quick ratio of 3.88, a current ratio of 4.26 and a debt-to-equity ratio of -68.13. Synergy Pharmaceuticals has a fifty-two week low of $1.68 and a fifty-two week high of $7.15.
Synergy Pharmaceuticals (NASDAQ:SGYP) last announced its earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.22) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.28) by $0.06. The business had revenue of $5.01 million for the quarter, compared to the consensus estimate of $4.53 million. During the same period in the prior year, the business posted ($0.22) earnings per share. equities research analysts anticipate that Synergy Pharmaceuticals will post -1.03 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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