Today: The Synergy Pharmaceuticals Inc. (SGYP) Cut to Sell at Zacks Investment Research

The Synergy Pharmaceuticals Inc. (SGYP) Cut to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Synergy Pharmaceuticals Inc. (NASDAQ:SGYP) from a hold rating to a sell rating in a research note published on Wednesday morning.

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. “

A number of other research analysts also recently issued reports on SGYP. Canaccord Genuity reissued a buy rating and issued a $13.00 price target on shares of Synergy Pharmaceuticals in a report on Sunday, July 17th. BTIG Research reissued a buy rating and issued a $11.00 price target on shares of Synergy Pharmaceuticals in a report on Friday, September 16th. Rodman & Renshaw reissued a buy rating and issued a $15.00 price target on shares of Synergy Pharmaceuticals in a report on Thursday, September 8th. Finally, HC Wainwright set a $15.00 price target on Synergy Pharmaceuticals and gave the company a buy rating in a report on Thursday, September 8th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $9.75.

Shares of Synergy Pharmaceuticals (NASDAQ:SGYP) opened at 5.12 on Wednesday. The firm’s 50-day moving average is $5.29 and its 200-day moving average is $4.14. Synergy Pharmaceuticals has a one year low of $2.50 and a one year high of $7.15. The stock’s market capitalization is $918.76 million.

Synergy Pharmaceuticals (NASDAQ:SGYP) last issued its earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.23) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.20) by $0.03. Equities research analysts forecast that Synergy Pharmaceuticals will post ($1.03) EPS for the current year.

In other news, major shareholder Paulson & Co. Inc. sold 3,473,713 shares of the company’s stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $5.61, for a total transaction of $19,487,529.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 3.60% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Legal & General Group Plc increased its position in shares of Synergy Pharmaceuticals by 60.0% in the second quarter. Legal & General Group Plc now owns 29,343 shares of the biopharmaceutical company’s stock valued at $109,000 after buying an additional 11,001 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Synergy Pharmaceuticals by 82.4% in the second quarter. Principal Financial Group Inc. now owns 31,927 shares of the biopharmaceutical company’s stock valued at $121,000 after buying an additional 14,422 shares during the last quarter. Bank of Montreal Can acquired a new position in shares of Synergy Pharmaceuticals during the second quarter valued at $126,000. State Treasurer State of Michigan acquired a new position in shares of Synergy Pharmaceuticals during the second quarter valued at $152,000. Finally, Cheyne Capital Management UK LLP acquired a new position in shares of Synergy Pharmaceuticals during the second quarter valued at $250,000. 56.54% of the stock is owned by institutional investors and hedge funds.

About Synergy Pharmaceuticals

Synergy Pharmaceuticals Inc (Synergy) is a biopharmaceutical company focused on the development and commercialization of gastrointestinal (GI) therapies. The Company’s GI platform includes two lead product candidates: plecanatide and dolcanatide. It is engaged in the discovery, research and development involving uroguanylin analogs for the treatment of functional GI disorders and inflammatory bowel disease.

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