Synergy Pharmaceuticals (SGYP) Stock Price Down 6.7%
Synergy Pharmaceuticals Inc (NASDAQ:SGYP)’s share price traded down 6.7% during trading on Tuesday . The stock traded as low as $1.81 and last traded at $1.82. 2,860,298 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 4,026,045 shares. The stock had previously closed at $1.95.
Several equities analysts recently weighed in on SGYP shares. BidaskClub upgraded shares of Synergy Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Thursday, June 21st. HC Wainwright set a $7.00 price target on shares of Synergy Pharmaceuticals and gave the stock a “buy” rating in a report on Wednesday, June 6th. Cantor Fitzgerald reiterated a “hold” rating on shares of Synergy Pharmaceuticals in a report on Sunday, June 24th. BTIG Research set a $7.00 price target on shares of Synergy Pharmaceuticals and gave the stock a “buy” rating in a report on Monday, May 14th. Finally, Zacks Investment Research downgraded shares of Synergy Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Wednesday, May 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $7.19.
The company has a current ratio of 2.83, a quick ratio of 2.31 and a debt-to-equity ratio of -1.82. The firm has a market capitalization of $483.58 million, a price-to-earnings ratio of -1.88 and a beta of 1.21.
A number of large investors have recently modified their holdings of the stock. MetLife Investment Advisors LLC acquired a new stake in shares of Synergy Pharmaceuticals during the 4th quarter worth approximately $124,000. Metropolitan Life Insurance Co. NY grew its stake in shares of Synergy Pharmaceuticals by 81.7% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 87,170 shares of the biopharmaceutical company’s stock worth $152,000 after purchasing an additional 39,189 shares during the period. Mackay Shields LLC acquired a new stake in shares of Synergy Pharmaceuticals during the 1st quarter worth approximately $295,000. Chicago Equity Partners LLC acquired a new stake in shares of Synergy Pharmaceuticals during the 2nd quarter worth approximately $324,000. Finally, OMERS ADMINISTRATION Corp acquired a new stake in shares of Synergy Pharmaceuticals during the 1st quarter worth approximately $417,000. Institutional investors own 39.30% of the company’s stock.
About Synergy Pharmaceuticals (NASDAQ:SGYP)
Synergy Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization of novel therapies to treat gastrointestinal diseases and disorders. Its lead product is plecanatide, a novel uroguanylin based gastrointestinal platform that is traded under the TRULANCE name for the treatment of chronic idiopathic constipation and irritable bowel syndrome.
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