Synergy Pharmaceuticals (SGYP) Sets New 1-Year Low on Disappointing Earnings

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Synergy Pharmaceuticals Inc (NASDAQ:SGYP)’s share price hit a new 52-week low on Friday following a dissappointing earnings announcement. The company traded as low as $0.35 and last traded at $0.36, with a volume of 121258 shares trading hands. The stock had previously closed at $0.45.

The biopharmaceutical company reported ($0.14) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.13) by ($0.01). The company had revenue of $11.11 million for the quarter, compared to analyst estimates of $15.65 million.

Several analysts recently issued reports on SGYP shares. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of Synergy Pharmaceuticals in a report on Tuesday, August 7th. Zacks Investment Research upgraded shares of Synergy Pharmaceuticals from a “hold” rating to a “buy” rating and set a $2.00 target price for the company in a research note on Tuesday, August 14th. Canaccord Genuity cut shares of Synergy Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Friday, October 26th. BTIG Research cut shares of Synergy Pharmaceuticals from a “buy” rating to a “neutral” rating in a research note on Friday, October 26th. Finally, BidaskClub upgraded shares of Synergy Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. Synergy Pharmaceuticals presently has a consensus rating of “Hold” and an average price target of $8.17.

Large investors have recently added to or reduced their stakes in the stock. Mackay Shields LLC raised its stake in Synergy Pharmaceuticals by 25.9% during the 2nd 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. Metropolitan Life Insurance Co. NY raised its stake in Synergy Pharmaceuticals by 81.7% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 87,170 shares of the biopharmaceutical company’s stock valued at $152,000 after purchasing an additional 39,189 shares during the last quarter. BlackRock Inc. raised its stake in Synergy Pharmaceuticals by 2.2% during the 2nd quarter. BlackRock Inc. now owns 21,732,054 shares of the biopharmaceutical company’s stock valued at $37,815,000 after purchasing an additional 464,195 shares during the last quarter. Millennium Management LLC raised its stake in Synergy Pharmaceuticals by 2,579.3% during the 1st quarter. Millennium Management LLC now owns 504,383 shares of the biopharmaceutical company’s stock valued at $923,000 after purchasing an additional 485,558 shares during the last quarter. Finally, Hikari Power Ltd raised its stake in Synergy Pharmaceuticals by 15.0% during the 2nd quarter. Hikari Power Ltd now owns 2,300,000 shares of the biopharmaceutical company’s stock valued at $4,002,000 after purchasing an additional 300,000 shares during the last quarter. Hedge funds and other institutional investors own 39.30% of the company’s stock.

The company has a market cap of $114.13 million, a P/E ratio of -0.35 and a beta of 2.38.

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Synergy Pharmaceuticals Company Profile (NASDAQ:SGYP)

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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