Synergy Pharmaceuticals Inc (NASDAQ:SGYP) rose 9.8% during mid-day trading on Wednesday . The stock traded as high as $2.29 and last traded at $2.25. Approximately 8,716,491 shares traded hands during trading, an increase of 46% from the average daily volume of 5,985,992 shares. The stock had previously closed at $2.05.

SGYP has been the subject of several recent analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $8.00 price objective (down from $15.00) on shares of Synergy Pharmaceuticals in a research report on Monday, September 25th. They noted that the move was a valuation call. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $11.00 price objective on shares of Synergy Pharmaceuticals in a research report on Friday, September 8th. Zacks Investment Research raised shares of Synergy Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Wednesday, September 13th. Oppenheimer set a $6.00 price objective on shares of Synergy Pharmaceuticals and gave the stock a “buy” rating in a research report on Tuesday, October 10th. Finally, Canaccord Genuity set a $13.00 price objective on shares of Synergy Pharmaceuticals and gave the stock a “buy” rating in a research report on Sunday, November 12th. Three research analysts have rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the company’s stock. Synergy Pharmaceuticals currently has an average rating of “Hold” and a consensus target price of $7.98.

The company has a debt-to-equity ratio of -68.13, a quick ratio of 3.88 and a current ratio of 4.26.

Synergy Pharmaceuticals (NASDAQ:SGYP) last announced its quarterly earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.06. The company had revenue of $5.01 million during the quarter, compared to analysts’ expectations of $4.53 million. During the same period last year, the firm earned ($0.22) earnings per share. equities analysts anticipate that Synergy Pharmaceuticals Inc will post -1.04 earnings per share for the current year.

In related news, major shareholder Paulson & Co. Inc. sold 8,750,000 shares of the business’s stock in a transaction on 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 Securities & Exchange Commission, which can be accessed through the SEC website. 3.80% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. California State Teachers Retirement System lifted its position in Synergy Pharmaceuticals by 0.9% in the second quarter. California State Teachers Retirement System now owns 401,730 shares of the biopharmaceutical company’s stock valued at $1,788,000 after acquiring an additional 3,686 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in Synergy Pharmaceuticals by 13.9% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 32,018 shares of the biopharmaceutical company’s stock valued at $142,000 after purchasing an additional 3,900 shares during the period. Amalgamated Bank increased its stake in Synergy Pharmaceuticals by 16.9% in the second quarter. Amalgamated Bank now owns 28,074 shares of the biopharmaceutical company’s stock valued at $125,000 after purchasing an additional 4,061 shares during the period. Principal Financial Group Inc. increased its stake in Synergy Pharmaceuticals by 11.2% in the second quarter. Principal Financial Group Inc. now owns 41,507 shares of the biopharmaceutical company’s stock valued at $185,000 after purchasing an additional 4,164 shares during the period. Finally, Advisor Group Inc. increased its stake in Synergy Pharmaceuticals by 25.2% in the second quarter. Advisor Group Inc. now owns 25,625 shares of the biopharmaceutical company’s stock valued at $114,000 after purchasing an additional 5,150 shares during the period. 60.42% of the stock is owned by hedge funds and other institutional investors.

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Synergy Pharmaceuticals Company Profile

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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