Dallas, Texas 07/10/2013 (Financialstrend) – The shares of Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) are currently trading at $4.50, shares increased by 2.04%. The 52-week high price is $7.44 and the 52-week low price stood at $2.98. With 90.18 million total outstanding shares, the market capitalization of Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) is $397.70 million. The intraday share trading volume for yesterday was 1.40 million, whereas the average trading volume heads up to 852,272 shares. Institutional owners record a contribution of 17 percent of the total outstanding shares.
Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) is concentrated on the development of drugs to cure diseases and disorders related to gastrointestinal problems. For the treatment of chronic constipation and constipation-predominant-irritable bowel syndrome, the company developed its lead product candidate – the receptor agonist, plecanatide, a guanylyl cyclase. For the treatment of gastrointestinal inflammatory diseases, the ulcerative colitis SP-333 and GC-C receptors are used. Third party contractors manufacture the formulated drug products and active pharmaceutical ingredients. A synthetic hexadecapeptide has been developed by the company for the treatment of CC and IBS-C plecanatide. GC-C receptor is used as agonist for Plecanatide.
Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) was assigned ‘buy’ ratings based on the company’s constipation drug candidate Plecanatide. The company’s chairman disclosed that the company will buy back more shares, leading to a further boost of its stock price. The company’s most advanced drug is Plecanatide, for the treatment of chronic constipation; the company also develops SP-333 for the treatment of ulcerative colitis. The company sold 16.4 million shares and raised $84.4 million after discounts, commissions and expenses in April 2013.