JPMorgan Chase & Co. cut its stake in shares of Synergy Pharmaceuticals Inc. (NASDAQ:SGYP) by 5.1% during the second quarter, Holdings Channel reports. The institutional investor owned 1,238,196 shares of the biopharmaceutical company’s stock after selling 65,890 shares during the period. JPMorgan Chase & Co. owned approximately 0.69% of Synergy Pharmaceuticals worth $4,705,000 as of its most recent filing with the SEC.
Other hedge funds have also recently made changes to their positions in the company. Societe Generale purchased a new stake in shares of Synergy Pharmaceuticals during the second quarter valued at $4,729,000. Nantahala Capital Management LLC purchased a new stake in shares of Synergy Pharmaceuticals during the first quarter valued at $828,000. Asymmetry Capital Management L.P. purchased a new stake in shares of Synergy Pharmaceuticals during the second quarter valued at $1,133,000. Bank of New York Mellon Corp raised its stake in shares of Synergy Pharmaceuticals by 38.0% in the second quarter. Bank of New York Mellon Corp now owns 872,174 shares of the biopharmaceutical company’s stock valued at $3,314,000 after buying an additional 240,196 shares in the last quarter. Finally, California State Teachers Retirement System raised its stake in shares of Synergy Pharmaceuticals by 79.5% in the second quarter. California State Teachers Retirement System now owns 380,444 shares of the biopharmaceutical company’s stock valued at $1,446,000 after buying an additional 168,486 shares in the last quarter. 56.67% of the stock is owned by hedge funds and other institutional investors.
Shares of Synergy Pharmaceuticals Inc. (NASDAQ:SGYP) remained flat at $5.16 during trading on Friday. The company had a trading volume of 1,916,535 shares. The company has a 50 day moving average price of $5.27 and a 200-day moving average price of $4.10. The stock’s market cap is $925.94 million. Synergy Pharmaceuticals Inc. has a 12-month low of $2.50 and a 12-month high of $7.15.
Synergy Pharmaceuticals (NASDAQ:SGYP) last released its earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.23) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by $0.03. Analysts forecast that Synergy Pharmaceuticals Inc. will post ($1.03) earnings per share for the current fiscal year.
SGYP has been the subject of several recent research reports. Rodman & Renshaw reaffirmed a “buy” rating and set a $15.00 target price on shares of Synergy Pharmaceuticals in a report on Tuesday, July 12th. Canaccord Genuity reaffirmed a “buy” rating and set a $13.00 target price on shares of Synergy Pharmaceuticals in a report on Sunday, July 17th. BTIG Research reaffirmed a “buy” rating and set a $11.00 target price on shares of Synergy Pharmaceuticals in a report on Tuesday, July 19th. HC Wainwright set a $15.00 target price on Synergy Pharmaceuticals and gave the company a “buy” rating in a report on Thursday, September 8th. Finally, Zacks Investment Research lowered Synergy Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $9.75.
In related news, major shareholder Paulson & Co. Inc. sold 54,300 shares of the stock in a transaction dated Wednesday, September 28th. The shares were sold at an average price of $5.69, for a total value of $308,967.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.60% of the stock is currently owned by corporate insiders.
Synergy Pharmaceuticals Company Profile
Synergy Pharmaceuticals Inc (Synergy) is a biopharmaceutical company focused on the development and commercialization of gastrointestinal (GI) therapies. The Company’s GI platform includes two lead product candidates: plecanatide and dolcanatide. It is engaged in the discovery, research and development involving uroguanylin analogs for the treatment of functional GI disorders and inflammatory bowel disease.
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