Shares of Synergy Pharmaceuticals Inc (NASDAQ:SGYP) traded up 5.7% during trading on Friday . The company traded as high as $2.45 and last traded at $2.40. 5,405,590 shares changed hands during trading, a decline of 20% from the average session volume of 6,720,500 shares. The stock had previously closed at $2.27.

A number of analysts recently commented on the stock. Cantor Fitzgerald restated a “buy” rating and set a $10.00 price target on shares of Synergy Pharmaceuticals in a research note on Tuesday, November 21st. Citigroup cut shares of Synergy Pharmaceuticals to a “market perform” rating in a research note on Friday, January 5th. CIBC reiterated a “market perform” rating on shares of Synergy Pharmaceuticals in a research note on Friday, January 5th. Oppenheimer set a $6.00 target price on shares of Synergy Pharmaceuticals and gave the stock a “buy” rating in a research note on Tuesday, October 10th. Finally, Zacks Investment Research upgraded shares of Synergy Pharmaceuticals from a “sell” rating to a “hold” rating and set a $3.25 target price on the stock in a research note on Thursday, November 9th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. Synergy Pharmaceuticals currently has a consensus rating of “Hold” and a consensus price target of $8.38.

The company has a debt-to-equity ratio of -68.13, a current ratio of 4.26 and a quick ratio of 3.88. The company has a market cap of $591.98, a P/E ratio of -2.07 and a beta of 1.22.

Synergy Pharmaceuticals (NASDAQ:SGYP) last posted its earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.22) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.28) by $0.06. The firm had revenue of $5.01 million during the quarter, compared to analysts’ expectations of $4.53 million. During the same quarter in the prior year, the company earned ($0.22) earnings per share. sell-side analysts forecast that Synergy Pharmaceuticals Inc will post -1.03 earnings per share for the current fiscal year.

In other news, major shareholder Paulson & Co. Inc. sold 8,750,000 shares of the stock in a transaction on Friday, November 10th. The shares were sold at an average price of $2.82, for a total value of $24,675,000.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.80% of the stock is owned by corporate insiders.

Several large investors have recently modified their holdings of SGYP. Vanguard Group Inc. increased its holdings in shares of Synergy Pharmaceuticals by 10.4% in the 2nd quarter. Vanguard Group Inc. now owns 17,422,326 shares of the biopharmaceutical company’s stock worth $77,530,000 after buying an additional 1,636,563 shares during the last quarter. Cheyne Capital Management UK LLP increased its holdings in shares of Synergy Pharmaceuticals by 1,060.7% in the 3rd quarter. Cheyne Capital Management UK LLP now owns 1,625,000 shares of the biopharmaceutical company’s stock worth $188,000 after buying an additional 1,485,000 shares during the last quarter. OxFORD Asset Management LLP bought a new position in shares of Synergy Pharmaceuticals in the 2nd quarter worth $6,372,000. JPMorgan Chase & Co. increased its holdings in shares of Synergy Pharmaceuticals by 71.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,405,377 shares of the biopharmaceutical company’s stock worth $8,820,000 after buying an additional 1,417,177 shares during the last quarter. Finally, Hikari Power Ltd increased its holdings in shares of Synergy Pharmaceuticals by 200.0% in the 3rd quarter. Hikari Power Ltd now owns 1,500,000 shares of the biopharmaceutical company’s stock worth $4,350,000 after buying an additional 1,000,000 shares during the last quarter. 60.42% of the stock is currently owned by hedge funds and other institutional investors.

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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.

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