Synergy Pharmaceuticals, Inc. (SGYP) Short Interest Up 3.1% in October

Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) was the recipient of a significant growth in short interest in October. As of October 31st, there was short interest totalling 68,882,733 shares, a growth of 3.1% from the October 13th total of 66,832,410 shares. Based on an average daily volume of 5,384,794 shares, the short-interest ratio is currently 12.8 days. Approximately 30.7% of the company’s stock are short sold.

Shares of Synergy Pharmaceuticals (NASDAQ SGYP) opened at $2.72 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 2.07 and a current ratio of 2.33. Synergy Pharmaceuticals has a one year low of $2.56 and a one year high of $7.15.

Synergy Pharmaceuticals (NASDAQ:SGYP) last issued its quarterly earnings data on Thursday, November 9th. The biopharmaceutical company reported ($0.22) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.28) by $0.06. The firm had revenue of $5.01 million during the quarter, compared to analyst estimates of $4.53 million. During the same quarter in the previous year, the firm posted ($0.22) earnings per share. sell-side analysts forecast that Synergy Pharmaceuticals will post -1.13 EPS for the current fiscal year.

A number of research analysts recently commented on the stock. Zacks Investment Research downgraded shares of Synergy Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Tuesday, July 18th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $9.00 price objective on shares of Synergy Pharmaceuticals in a research report on Tuesday, July 18th. Canaccord Genuity set a $13.00 price objective on shares of Synergy Pharmaceuticals and gave the company a “buy” rating in a research report on Monday, July 31st. BidaskClub downgraded shares of Synergy Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Finally, HC Wainwright set a $15.00 price objective on shares of Synergy Pharmaceuticals and gave the company a “buy” rating in a research report on Thursday, August 10th. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $8.90.

Several institutional investors have recently modified their holdings of the company. Wells Fargo & Company MN lifted its stake in shares of Synergy Pharmaceuticals by 18.2% in the third quarter. Wells Fargo & Company MN now owns 219,676 shares of the biopharmaceutical company’s stock worth $638,000 after buying an additional 33,802 shares during the last quarter. JPMorgan Chase & Co. lifted its stake 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 buying an additional 1,417,177 shares during the last quarter. Hikari Power Ltd lifted its stake in shares of Synergy Pharmaceuticals by 200.0% in the third quarter. Hikari Power Ltd now owns 1,500,000 shares of the biopharmaceutical company’s stock worth $4,350,000 after buying an additional 1,000,000 shares during the last quarter. Cheyne Capital Management UK LLP lifted its stake 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 worth $188,000 after buying an additional 1,485,000 shares during the last quarter. Finally, Advisor Group Inc. lifted its stake in shares of Synergy Pharmaceuticals by 70.3% in the third quarter. Advisor Group Inc. now owns 43,650 shares of the biopharmaceutical company’s stock worth $127,000 after buying an additional 18,025 shares during the last quarter. Institutional investors and hedge funds own 71.63% of the company’s stock.

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About Synergy Pharmaceuticals

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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