Canaccord Genuity Reiterates $13.00 Price Target for Synergy Pharmaceuticals, Inc. (SGYP)

Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) has been assigned a $13.00 price target by Canaccord Genuity in a research note issued on Sunday. The brokerage currently has a “buy” rating on the biopharmaceutical company’s stock. Canaccord Genuity’s price objective suggests a potential upside of 432.79% from the company’s previous close.

Several other research analysts have also issued reports on the stock. BTIG Research reaffirmed a “buy” rating and issued a $11.00 target price on shares of Synergy Pharmaceuticals in a research note on Friday, September 8th. Rodman & Renshaw reduced their target price on shares of Synergy Pharmaceuticals from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 10th. HC Wainwright set a $15.00 target price on shares of Synergy Pharmaceuticals and gave the company a “buy” rating in a research note on Thursday, August 10th. Oppenheimer Holdings, Inc. set a $9.00 target price on shares of Synergy Pharmaceuticals and gave the company a “buy” rating in a research note on Thursday, August 10th. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and issued a $11.00 target price on shares of Synergy Pharmaceuticals in a research note on Thursday, August 10th. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company’s stock. Synergy Pharmaceuticals presently has an average rating of “Hold” and a consensus target price of $8.39.

Shares of Synergy Pharmaceuticals (SGYP) traded down $0.28 during trading hours on Friday, reaching $2.44. 22,594,529 shares of the company’s stock were exchanged, compared to its average volume of 5,633,911. Synergy Pharmaceuticals has a 12-month low of $2.56 and a 12-month high of $7.15. 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 issued its quarterly earnings data on Thursday, November 9th. The biopharmaceutical company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.06. The company 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 company earned ($0.22) EPS. analysts expect that Synergy Pharmaceuticals will post -1.13 earnings per share for the current fiscal year.

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A number of hedge funds have recently made changes to their positions in SGYP. State Street Corp raised its holdings in Synergy Pharmaceuticals by 100.9% during the 1st quarter. State Street Corp now owns 12,626,115 shares of the biopharmaceutical company’s stock worth $58,841,000 after buying an additional 6,342,446 shares during the period. Vanguard Group Inc. raised its holdings in shares of Synergy Pharmaceuticals by 18.8% in the first quarter. Vanguard Group Inc. now owns 15,785,763 shares of the biopharmaceutical company’s stock valued at $73,561,000 after purchasing an additional 2,493,557 shares during the last quarter. Cheyne Capital Management UK LLP raised its holdings in shares of Synergy Pharmaceuticals by 1,060.7% in the third quarter. Cheyne Capital Management UK LLP now owns 1,625,000 shares of the biopharmaceutical company’s stock valued at $188,000 after purchasing an additional 1,485,000 shares during the last quarter. OxFORD Asset Management LLP acquired a new stake in shares of Synergy Pharmaceuticals in the second quarter valued at approximately $6,372,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of Synergy Pharmaceuticals by 71.3% in the third quarter. JPMorgan Chase & Co. now owns 3,405,377 shares of the biopharmaceutical company’s stock valued at $8,820,000 after purchasing an additional 1,417,177 shares during the last quarter. Hedge funds and other institutional investors own 72.10% of the company’s stock.

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.

Analyst Recommendations for Synergy Pharmaceuticals (NASDAQ:SGYP)

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