Zacks Investment Research cut shares of Synergy Pharmaceuticals Inc. (NASDAQ:SGYP) from a buy rating to a hold rating in a report released on Tuesday morning.

According to Zacks, “Synergy Pharmaceuticals, Inc. is a biopharmaceutical company focused primarily on the development of drugs to treat gastrointestinal disorders and diseases. Its lead drug candidate plecanatide is a guanylyl cyclase C receptor agonist, to treat GI disorders, primarily chronic constipation and constipation-predominant- irritable bowel syndrome. It is also engaged in developing receptor agonist for the treatment of gastrointestinal inflammatory diseases, such as ulcerative colitis. Synergy Pharmaceuticals, Inc. is headquartered in New York, New York. “

Several other equities analysts have also commented on the stock. Canaccord Genuity reiterated a buy rating and set a $13.00 price objective on shares of Synergy Pharmaceuticals in a research report on Monday. Rodman & Renshaw reiterated a buy rating and set a $15.00 price objective on shares of Synergy Pharmaceuticals in a research report on Friday, November 11th. 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 Monday, October 24th. Finally, BTIG Research reiterated a positive rating and set a $11.00 price objective on shares of Synergy Pharmaceuticals in a research report on Monday, October 17th. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $10.00.

Synergy Pharmaceuticals (NASDAQ:SGYP) traded down 1.75% during mid-day trading on Tuesday, hitting $5.62. 1,638,186 shares of the stock traded hands. Synergy Pharmaceuticals has a 12 month low of $2.50 and a 12 month high of $6.58. The company’s market cap is $1.01 billion. The company’s 50 day moving average is $5.16 and its 200 day moving average is $4.40.

In other Synergy Pharmaceuticals news, major shareholder Paulson & Co. Inc. sold 140,000 shares of the stock in a transaction dated Friday, November 4th. The shares were sold at an average price of $4.24, for a total transaction of $593,600.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 3.60% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of SGYP. Teacher Retirement System of Texas boosted its stake in Synergy Pharmaceuticals by 29.2% in the third quarter. Teacher Retirement System of Texas now owns 19,485 shares of the biopharmaceutical company’s stock worth $107,000 after buying an additional 4,404 shares in the last quarter. Legal & General Group Plc boosted its stake in Synergy Pharmaceuticals by 60.0% in the second quarter. Legal & General Group Plc now owns 29,343 shares of the biopharmaceutical company’s stock worth $109,000 after buying an additional 11,001 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Synergy Pharmaceuticals by 82.4% in the second quarter. Principal Financial Group Inc. now owns 31,927 shares of the biopharmaceutical company’s stock worth $121,000 after buying an additional 14,422 shares in the last quarter. Aperio Group LLC boosted its stake in Synergy Pharmaceuticals by 48.0% in the third quarter. Aperio Group LLC now owns 22,346 shares of the biopharmaceutical company’s stock worth $123,000 after buying an additional 7,249 shares in the last quarter. Finally, Clinton Group Inc. purchased a new stake in Synergy Pharmaceuticals during the third quarter worth $125,000. Institutional investors own 57.29% of the company’s stock.

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.

5 Day Chart for NASDAQ:SGYP

Receive News & Stock Ratings for Synergy Pharmaceuticals Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synergy Pharmaceuticals Inc. and related stocks with our FREE daily email newsletter.