Synergy Pharmaceuticals Inc (NASDAQ:SGYP) saw a large drop in short interest during the month of February. As of February 28th, there was short interest totalling 62,528,372 shares, a drop of 5.5% from the February 15th total of 66,149,740 shares. Based on an average daily volume of 3,753,571 shares, the days-to-cover ratio is currently 16.7 days. Approximately 59.1% of the shares of the company are sold short.
Several research analysts have weighed in on the company. HC Wainwright set a $7.00 target price on Synergy Pharmaceuticals and gave the company a “buy” rating in a research note on Monday, March 5th. Oppenheimer restated a “hold” rating on shares of Synergy Pharmaceuticals in a research note on Thursday, March 1st. Zacks Investment Research downgraded Synergy Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday, March 1st. Finally, BidaskClub downgraded Synergy Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Friday, February 23rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $8.08.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. boosted its position in Synergy Pharmaceuticals by 8.7% during the fourth quarter. BlackRock Inc. now owns 21,998,125 shares of the biopharmaceutical company’s stock worth $49,056,000 after purchasing an additional 1,761,725 shares in the last quarter. 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 worth $8,820,000 after acquiring an additional 1,417,177 shares during the last quarter. Alyeska Investment Group L.P. raised its holdings in shares of Synergy Pharmaceuticals by 42.0% in the third quarter. Alyeska Investment Group L.P. now owns 2,355,681 shares of the biopharmaceutical company’s stock worth $6,831,000 after acquiring an additional 696,911 shares during the last quarter. OxFORD Asset Management LLP raised its holdings in shares of Synergy Pharmaceuticals by 42.5% in the third quarter. OxFORD Asset Management LLP now owns 2,040,297 shares of the biopharmaceutical company’s stock worth $5,784,000 after acquiring an additional 608,402 shares during the last quarter. Finally, Hikari Power Ltd raised its holdings in shares of Synergy Pharmaceuticals by 26.7% in the fourth quarter. Hikari Power Ltd now owns 1,900,000 shares of the biopharmaceutical company’s stock worth $4,237,000 after acquiring an additional 400,000 shares during the last quarter. Institutional investors own 52.52% of the company’s stock.
Synergy Pharmaceuticals (NASDAQ:SGYP) last posted its earnings results on Thursday, March 1st. The biopharmaceutical company reported ($0.16) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.19) by $0.03. The company had revenue of $9.40 million for the quarter, compared to the consensus estimate of $7.12 million. Synergy Pharmaceuticals had a negative return on equity of 652.66% and a negative net margin of 1,333.76%. The firm’s revenue was up 840.0% on a year-over-year basis. equities analysts predict that Synergy Pharmaceuticals will post -0.52 EPS for the current year.
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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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