Synergy Pharma Receives a Buy from Canaccord Genuity

By Austin Angelo

Canaccord Genuity analyst John Newman reiterated a Buy rating on Synergy Pharma (NASDAQ: SGYP) on November 11 and set a price target of $13. The company’s shares closed last Friday at $5.29.

According to TipRanks.com, Newman is ranked 0 out of 5 stars with an average return of -10.7% and a 35.6% success rate. Newman covers the Healthcare sector, focusing on stocks such as Advanced Accelerator Applications, Hutchison China MediTech Ltd, and Dimension Therapeutics Inc.

Synergy Pharma has an analyst consensus of Strong Buy, with a price target consensus of $11.

Based on Synergy Pharma’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $0 and GAAP net loss of $38.56 million. In comparison, last year the company earned revenue of $0 and had a GAAP net loss of $26 million.

Synergy Pharmaceuticals, Inc. is a biopharmaceutical company, which focuses on the development and commercialization of novel gastrointestinal (GI) therapies. Its product includes plecanatide and dolcanatide. The company was founded by Kunwar Shailubhai on November 15, 2005 and is headquartered in New York, NY.