Synergy Pharmaceuticals Inc (SGYP) Short Interest Update

Synergy Pharmaceuticals Inc (NASDAQ:SGYP) was the recipient of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 50,907,833 shares, a drop of 15.7% from the October 15th total of 60,353,927 shares. Currently, 20.6% of the shares of the company are sold short. Based on an average trading volume of 9,827,463 shares, the days-to-cover ratio is presently 5.2 days.

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

Several hedge funds have recently modified their holdings of SGYP. Millennium Management LLC increased its position in shares of 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 period. Hikari Power Ltd increased its position in shares of 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 period. Mackay Shields LLC increased its position in shares of 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 period. Schwab Charles Investment Management Inc. increased its position in shares of 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 purchasing an additional 88,386 shares during the period. Finally, BlackRock Inc. increased its position in shares of 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 period. Institutional investors own 39.30% of the company’s stock.

SGYP opened at $0.36 on Friday. Synergy Pharmaceuticals has a 12 month low of $0.35 and a 12 month high of $3.10. The company has a market capitalization of $110.31 million, a P/E ratio of -0.35 and a beta of 2.38.

Synergy Pharmaceuticals (NASDAQ:SGYP) last posted its earnings results on Thursday, November 8th. The biopharmaceutical company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.01). The company had revenue of $11.11 million during the quarter, compared to analysts’ expectations of $15.65 million. Equities analysts anticipate that Synergy Pharmaceuticals will post -0.54 earnings per share for the current year.

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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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