Synergy Pharmaceuticals Inc (NASDAQ:SGYP) moves up sharply
On Monday, Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) shares rose by 5.68%. The opening price was $4.42 per share, touched an intraday high of $4.67 before closing at $4.65 per share. Around 0.575M shares were traded in Monday’s trading session which was lower than the average volume of 0.887M shares that were measured over a 30-day period.
The company is focused on developing drugs that are used in the treatment of disorders and diseases that are related to the gastro-intestinal problems. The company has developed a drug that is used to treat Constipation Predominant Irritable bowel syndrome as well as chronic Constipation. SGYP’s lead product candidate, a guanylyl cyclase called plecanatide which is a receptor agonist is used to treat these diseases. GC-C and SP-333 receptors are used to treat gastro-intestinal inflammatory diseases. These active pharma ingredients and formulated drug products are manufactured by third-party contractors.
Analysts have assigned SGYP a “buy” rating based on Plecanatide, its constipation drug candidate. Synergy Pharmaceuticals’ Chairman announced that the company will be buying-back more shares which will lend a boost to the company’s stock price. Stock of SGYP is currently undervalued and it is one of the best picks in this sector compared to its competitors.
The stock is currently trading above its 50-Day SMA of $4.75 and below 200-Day SMA of $5.14 where the stock can face resistance in short term. The stock had broked down from a high of $5.10 and fell all the way till $3.91 before bouncing again. The stock is trading with lesser volume and the trend on the upside looks weak.