Synergy Pharmaceuticals Inc (NASDAQ:SGYP) shares trading low


Dallas, Texas 10/08/2013 (Financialstrend) – Synergy Pharmaceuticals Inc (NASDAQ:SGYP) is a drug manufacturing company which is still button holed as a development stage firm. On October 1, the firm announced dates for release of what is expected to be positive results from its clinical trials of its target combination “plecanatide and SP-333”. The combination is a syndicated discovery of Synergy knows as “guanylate cyclase-C” which the drug maker believes will help in treating patients suffering from constipation and irritable bowel syndrome.

The results will be published on the sidelines of “United European Gastroenterology (UEG) Week” which is scheduled during the week of October 12-16. The top scientists working on this drug will be present in Berlin, Germany to present the case for the target drug.

The company will simultaneously present a similar paper at “American College of Gastroenterology (ACG) Annual Scientific Meeting”. This jamboree is expected to be held in the week of October 11-16 in San Diego, CA

This development stage company has a market cap of $85 million with accumulated net loss of $50 million. It has no drugs which have hit the market nor does it command any royalties as of date. It has 18 full time employees with total shares outstanding of 87.4 million. Of this, institutions own 28% while the insider holding in this stock is negligible The stock has stabilized at $4.41 per share which is 0.45% less from its previous day close. At current valuations, the share price indicates a 40% dip over its 52 week high valuation and a 47% increase over its 52 week low pricing. During October 7 trading only 245 K shares of the firm changed hands which is low when compared to the 460 K daily trading average recorded by the stock. In the past one month the stock has shrunk by close to 4.55% in market value.