Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) saw a significant increase in short interest during the month of August. As of August 15th, there was short interest totalling 63,271,755 shares, an increase of 5.4% from the July 31st total of 60,008,345 shares. Based on an average daily volume of 6,310,556 shares, the short-interest ratio is presently 10.0 days. Currently, 28.2% of the company’s shares are sold short.

In other news, major shareholder Paulson & Co. Inc. sold 26,287 shares of the business’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $3.77, for a total transaction of $99,101.99. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 3.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Teachers Advisors LLC increased its position in Synergy Pharmaceuticals by 4.0% in the fourth quarter. Teachers Advisors LLC now owns 298,781 shares of the biopharmaceutical company’s stock valued at $1,820,000 after buying an additional 11,521 shares during the last quarter. Nationwide Fund Advisors increased its position in Synergy Pharmaceuticals by 9.1% in the first quarter. Nationwide Fund Advisors now owns 301,829 shares of the biopharmaceutical company’s stock valued at $1,407,000 after buying an additional 25,113 shares during the last quarter. Janney Montgomery Scott LLC increased its position in Synergy Pharmaceuticals by 27.4% in the first quarter. Janney Montgomery Scott LLC now owns 30,200 shares of the biopharmaceutical company’s stock valued at $141,000 after buying an additional 6,500 shares during the last quarter. Russell Investments Group Ltd. increased its position in Synergy Pharmaceuticals by 11.9% in the first quarter. Russell Investments Group Ltd. now owns 219,625 shares of the biopharmaceutical company’s stock valued at $1,024,000 after buying an additional 23,278 shares during the last quarter. Finally, Wells Fargo & Company MN increased its position in Synergy Pharmaceuticals by 15.0% in the first quarter. Wells Fargo & Company MN now owns 178,624 shares of the biopharmaceutical company’s stock valued at $832,000 after buying an additional 23,350 shares during the last quarter. Institutional investors own 67.56% of the company’s stock.

Several brokerages recently commented on SGYP. Rodman & Renshaw reduced their target price on Synergy Pharmaceuticals from $18.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 10th. Canaccord Genuity set a $13.00 target price on Synergy Pharmaceuticals and gave the company a “buy” rating in a report on Monday, July 31st. Oppenheimer Holdings, Inc. set a $9.00 target price on Synergy Pharmaceuticals and gave the company a “buy” rating in a report on Thursday, August 10th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 target price on shares of Synergy Pharmaceuticals in a report on Friday, June 9th. Finally, ValuEngine cut Synergy Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, May 23rd. Four equities research analysts have rated the stock with a sell rating and eight have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $10.07.

Synergy Pharmaceuticals (SGYP) opened at 3.08 on Friday. Synergy Pharmaceuticals has a 12-month low of $2.85 and a 12-month high of $7.15. The firm’s 50 day moving average price is $3.74 and its 200-day moving average price is $4.39. The company’s market capitalization is $692.86 million.

Synergy Pharmaceuticals (NASDAQ:SGYP) last issued its quarterly earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.25) by $0.08. The firm had revenue of $2.31 million during the quarter, compared to analysts’ expectations of $1.98 million. During the same quarter last year, the firm posted ($0.23) EPS. On average, equities analysts anticipate that Synergy Pharmaceuticals will post ($1.09) earnings per share for the current fiscal year.

WARNING: This story was posted by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are viewing this story on another domain, it was stolen and reposted in violation of United States and international trademark and copyright laws. The original version of this story can be accessed at https://www.thecerbatgem.com/2017/08/26/synergy-pharmaceuticals-inc-sgyp-sees-large-increase-in-short-interest.html.

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.

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.