Synergy Pharmaceuticals Inc (NASDAQ:SGYP) announced that Gary L. Sender has resigned as the company’s Chief Financial Officer for personal reasons, effective April 30, 2016. Bernard F. Denoyer, who has served as Senior Vice President of Finance and Secretary at Synergy since 2008, will assume responsibilities as Principal Financial Officer.
“We thank Gary Sender for all of his contributions to Synergy and wish him all the best in his future endeavors,” said Gary S. Jacob, Chairman and CEO of Synergy Pharmaceuticals. “We are confident that Bernard Denoyer who assumes the role of Principal Financial Officer will do an excellent job as we conduct a search for a permanent replacement.” (Original Source)
Shares of Synergy Pharmaceuticals are down over 5% to $3.40 in after-hours trading. SGYP has a 1-year high of $10.15 and a 1-year low of $2.50. The stock’s 50-day moving average is $3.14 and its 200-day moving average is $4.60.
On the ratings front, SGYP has been the subject of a number of recent research reports. In a report issued on April 19, Roth Capital analyst Michael Higgins reiterated a Buy rating on SGYP, with a price target of $6.50, which implies an upside of 80.6% from current levels. Separately, on April 18, BTIG’s Tim Chiang reiterated a Buy rating on the stock and has a price target of $11.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Michael Higgins and Tim Chiang have a total average return of -13.4% and 6.9% respectively. Higgins has a success rate of 27.0% and is ranked #3664 out of 3829 analysts, while Chiang has a success rate of 58.5% and is ranked #650.
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.