Vanguard Group Inc. lifted its position in Synergy Pharmaceuticals Inc (NASDAQ:SGYP) by 5.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 22,025,593 shares of the biopharmaceutical company’s stock after purchasing an additional 1,224,873 shares during the quarter. Vanguard Group Inc. owned about 8.88% of Synergy Pharmaceuticals worth $37,444,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its position in Synergy Pharmaceuticals by 272.9% during the second quarter. Bank of America Corp DE now owns 243,363 shares of the biopharmaceutical company’s stock valued at $423,000 after buying an additional 384,085 shares during the period. Chicago Equity Partners LLC lifted its holdings in Synergy Pharmaceuticals by 153.5% in the third quarter. Chicago Equity Partners LLC now owns 472,535 shares of the biopharmaceutical company’s stock worth $803,000 after buying an additional 286,135 shares during the period. Nexthera Capital LP bought a new position in shares of Synergy Pharmaceuticals during the third quarter valued at approximately $1,269,000. Hikari Power Ltd increased its stake in shares of Synergy Pharmaceuticals by 8.7% during the third quarter. Hikari Power Ltd now owns 2,500,000 shares of the biopharmaceutical company’s stock valued at $4,250,000 after purchasing an additional 200,000 shares in the last quarter. Finally, BlackRock Inc. increased its stake in shares of Synergy Pharmaceuticals by 2.2% during the second 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 in the last quarter. 37.22% of the stock is currently owned by hedge funds and other institutional investors.
SGYP has been the subject of a number of analyst reports. BTIG Research downgraded shares of Synergy Pharmaceuticals from a “buy” rating to a “neutral” rating in a research note on Friday, October 26th. Canaccord Genuity downgraded shares of Synergy Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Friday, October 26th. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $5.33.
Shares of SGYP traded down $0.01 on Tuesday, hitting $0.28. 678,439 shares of the stock traded hands, compared to its average volume of 14,718,365. The company has a market capitalization of $68.93 million, a P/E ratio of -0.28 and a beta of 4.94. Synergy Pharmaceuticals Inc has a one year low of $0.07 and a one year high of $2.26.
Synergy Pharmaceuticals Company Profile
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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