Synergy Pharmaceuticals (SGYP) Reaches New 52-Week Low After Earnings Miss

Synergy Pharmaceuticals Inc (NASDAQ:SGYP) shares reached a new 52-week low during trading on Friday after the company announced weaker than expected quarterly earnings. The company traded as low as $0.35 and last traded at $0.36, with a volume of 121258 shares changing hands. The stock had previously closed at $0.45.

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

SGYP has been the subject of a number of research reports. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of Synergy Pharmaceuticals in a research note on Tuesday, August 7th. Zacks Investment Research raised shares of Synergy Pharmaceuticals from a “hold” rating to a “buy” rating and set a $2.00 price objective for the company in a research note on Tuesday, August 14th. BidaskClub cut shares of Synergy Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Wednesday, September 12th. Canaccord Genuity cut shares of Synergy Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Friday, October 26th. Finally, BTIG Research cut shares of Synergy Pharmaceuticals from a “buy” rating to a “neutral” rating in a research note on Friday, October 26th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $8.17.

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Synergy Pharmaceuticals by 2.2% in 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 in the last quarter. Hikari Power Ltd boosted its position in Synergy Pharmaceuticals by 8.7% during the 3rd 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 period. Schwab Charles Investment Management Inc. boosted its position in Synergy Pharmaceuticals by 7.2% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,312,030 shares of the biopharmaceutical company’s stock valued at $2,283,000 after buying an additional 88,386 shares during the period. Millennium Management LLC boosted its position 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 buying an additional 485,558 shares during the period. Finally, Chicago Equity Partners LLC boosted its position in Synergy Pharmaceuticals by 153.5% during the 3rd 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 period. 39.30% of the stock is owned by institutional investors.

The stock has a market cap of $110.31 million, a price-to-earnings ratio of -0.36 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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