Zacks Investment Research upgraded shares of Synergy Pharmaceuticals (NASDAQ:SGYP) from a hold rating to a buy rating in a report published on Tuesday morning. Zacks Investment Research currently has $2.00 target price on the biopharmaceutical company’s stock.
According to Zacks, “Synergy Pharmaceuticals, Inc. is a biopharmaceutical company focused primarily on the development of drugs to treat gastrointestinal disorders and diseases. Its lead drug candidate plecanatide is a guanylyl cyclase C receptor agonist, to treat GI disorders, primarily chronic constipation and constipation-predominant- irritable bowel syndrome. It is also engaged in developing receptor agonist for the treatment of gastrointestinal inflammatory diseases, such as ulcerative colitis. Synergy Pharmaceuticals, Inc. is headquartered in New York, New York. “
Several other equities analysts have also commented on the company. ValuEngine upgraded Synergy Pharmaceuticals from a sell rating to a hold rating in a research note on Saturday, June 2nd. BidaskClub upgraded Synergy Pharmaceuticals from a strong sell rating to a sell rating in a research note on Wednesday, July 4th. HC Wainwright set a $7.00 target price on Synergy Pharmaceuticals and gave the company a buy rating in a research note on Wednesday, June 6th. Oppenheimer reiterated a hold rating on shares of Synergy Pharmaceuticals in a research note on Sunday, May 13th. Finally, Cantor Fitzgerald reiterated a hold rating on shares of Synergy Pharmaceuticals in a research note on Sunday, June 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. The company currently has an average rating of Hold and an average price target of $7.19.
Synergy Pharmaceuticals (NASDAQ:SGYP) last announced its quarterly earnings results on Tuesday, August 7th. The biopharmaceutical company reported ($0.12) EPS 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 analyst estimates of $10.20 million. Synergy Pharmaceuticals had a negative return on equity of 652.66% and a negative net margin of 430.21%. sell-side analysts predict that Synergy Pharmaceuticals will post -0.57 earnings per share for the current year.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Mackay Shields LLC grew its stake in Synergy Pharmaceuticals by 25.9% in the second quarter. Mackay Shields LLC now owns 202,600 shares of the biopharmaceutical company’s stock valued at $352,000 after purchasing an additional 41,641 shares during the last quarter. MetLife Investment Advisors LLC purchased a new position in Synergy Pharmaceuticals in the fourth quarter valued at about $124,000. Schwab Charles Investment Management Inc. grew its stake in Synergy Pharmaceuticals by 7.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,312,030 shares of the biopharmaceutical company’s stock valued at $2,283,000 after purchasing an additional 88,386 shares during the last quarter. Hikari Power Ltd grew its stake in Synergy Pharmaceuticals by 5.3% in the first quarter. Hikari Power Ltd now owns 2,000,000 shares of the biopharmaceutical company’s stock valued at $3,660,000 after purchasing an additional 100,000 shares during the last quarter. Finally, Chicago Equity Partners LLC purchased a new position in Synergy Pharmaceuticals in the second quarter valued at about $324,000. Institutional investors own 44.32% of the company’s stock.
About Synergy Pharmaceuticals
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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