Synergy Pharmaceuticals Inc (SGYP) Receives $7.00 Average PT from Brokerages

Synergy Pharmaceuticals Inc (NASDAQ:SGYP) has been assigned a consensus recommendation of “Hold” from the ten brokerages that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $7.00.

Several brokerages have weighed in on SGYP. BidaskClub raised shares of Synergy Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Thursday, August 9th. Zacks Investment Research raised shares of Synergy Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Tuesday, July 10th. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Synergy Pharmaceuticals in a report on Tuesday, August 7th. BTIG Research downgraded shares of Synergy Pharmaceuticals from a “buy” rating to a “neutral” rating in a report on Friday, October 26th. Finally, Canaccord Genuity downgraded shares of Synergy Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Friday, October 26th.

NASDAQ:SGYP traded down $0.02 during trading hours on Friday, hitting $0.45. 6,272,744 shares of the stock traded hands, compared to its average volume of 7,168,002. Synergy Pharmaceuticals has a 1 year low of $0.36 and a 1 year high of $3.19.

Synergy Pharmaceuticals (NASDAQ:SGYP) last issued its quarterly earnings results on Tuesday, August 7th. The biopharmaceutical company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.03. The firm had revenue of $12.25 million for the quarter, compared to analysts’ expectations of $10.20 million. On average, equities research analysts predict that Synergy Pharmaceuticals will post -0.54 EPS for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in the company. Chicago Equity Partners LLC raised its position in shares of Synergy Pharmaceuticals by 153.5% during the third quarter. Chicago Equity Partners LLC now owns 472,535 shares of the biopharmaceutical company’s stock valued at $803,000 after buying an additional 286,135 shares during the last quarter. Hikari Power Ltd raised its position in shares of Synergy Pharmaceuticals by 8.7% during the third quarter. Hikari Power Ltd now owns 2,500,000 shares of the biopharmaceutical company’s stock valued at $4,250,000 after buying an additional 200,000 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its position in shares of Synergy Pharmaceuticals by 81.7% during the second quarter. Metropolitan Life Insurance Co. NY now owns 87,170 shares of the biopharmaceutical company’s stock valued at $152,000 after buying an additional 39,189 shares during the last quarter. Bank of America Corp DE raised its position in shares of Synergy Pharmaceuticals by 272.9% during the second quarter. Bank of America Corp DE now owns 243,363 shares of the biopharmaceutical company’s stock valued at $423,000 after buying an additional 384,085 shares during the last quarter. Finally, BlackRock Inc. raised its position in shares of Synergy Pharmaceuticals by 2.2% during the second quarter. BlackRock Inc. now owns 21,732,054 shares of the biopharmaceutical company’s stock valued at $37,815,000 after buying an additional 464,195 shares during the last quarter. Hedge funds and other institutional investors own 39.28% of the company’s stock.

Synergy Pharmaceuticals Company Profile

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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Analyst Recommendations for Synergy Pharmaceuticals (NASDAQ:SGYP)

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