LONDON, April 13, 2015 /PRNewswire/ --
Editor Note: For more information about this release, please scroll to bottom.
Investor-Edge.com has issued free earnings analysis on Synergy Pharmaceuticals Inc. (NASDAQ: SGYP). On March 16, 2015, the company announced its financial results for Q4 FY14 and full year FY14 (period ended December 31, 2014). Click on http://get.Investor-Edge.com/pdf/?c=Synergy%20Pharma&d=13-Apr-2015&s=SGYP to read our free earnings review on Synergy Pharmaceuticals Inc. (Synergy). The company reported net loss of $30.56 million, or $0.32 per share, in Q4 FY14 and $95.71 million, or $1.02 per share, in full-year FY14. Our free coverage report can be accessed at:
http://get.Investor-Edge.com/pdf/?c=Synergy%20Pharma&d=13-Apr-2015&s=SGYP
Earnings Overview
Synergy, a biopharmaceutical company focused on the development of novel therapies to treat gastrointestinal diseases and disorders, has no products approved yet for commercial sale and has not generated any revenue till date. For Q4 FY14, the company reported loss from operations of $27.59 million compared to $19.36 million in Q4 FY13.
During Q4 FY14, Synergy's interest expense on the Convertible Senior Notes (Notes) totaled $2.5 million, or $0.03 per share, whereas the company had not incurred any such expense in Q4 FY13. In the reported quarter, Synergy's net loss increased by $10.70 million, or $0.10 loss per share, from net loss of $19.85 million, or $0.22 loss per share, in Q4 FY13. Analysts from Bloomberg had expected the company to report net loss of $26.70 million, or $0.28 loss per share, in Q4 FY14. Free research on SGYP can be downloaded in PDF format at:
http://get.Investor-Edge.com/pdf/?c=Synergy%20Pharma&d=13-Apr-2015&s=SGYP
During FY14, Synergy's loss from operations stood at $94.28 million compared to loss from operations of $62.31 million in FY13. The company's net loss increased by $33.58 million, or $0.29 loss per share, in FY14 from net loss of $62.12 million, or $0.73 loss per share, in FY13. Analysts from Bloomberg had expected the company to report net loss of $92.67 million, or $0.98 loss per share, in FY14.
As of December 31, 2014, the company's cash, cash equivalents and available-for-sale securities balance was $196.37 million against $68.16 million as of December 31, 2013. Sign up and read the free analyst's notes on SGYP at:
http://get.Investor-Edge.com/pdf/?c=Synergy%20Pharma&d=13-Apr-2015&s=SGYP
On November 03, 2014, Synergy announced the closure of a private offering of $200 million aggregate principal amount of 7.50% Convertible Senior Notes due 2019 (including the full exercise of the over-allotment option granted to the initial purchasers to purchase an additional $25 million aggregate principal amount of 7.50% Convertible Senior Notes due 2019). The company had stated that the Notes will mature on November 01, 2019, unless earlier converted. The Notes are convertible, at any time, into common stock shares of the company at an initial conversion rate of 321.5434 shares per $1,000 principal amount of the Notes, which is equivalent to an initial conversion price of $3.11 per share. Synergy had received approximately $187.3 million as net proceeds from this offering, after deducting estimated expenses and the initial purchasers' discount. Furthermore, the company sold 6.4 million shares of its common stock in FY14, pursuant to its controlled equity "at-the-market" sales program, yielding $29.9 million, net of fees and expenses.
Stock Performance
On the day following the earnings release, March 17, 2015, Synergy's stock fell 1.62% to end the session at $3.65. Since then, the stock has moved both ways with gains outperforming losses. However, on the last close, Friday, April 10, 2015, shares of the company finished at $4.18, down 1.65%, after vacillating between $4.17 and $4.31. A total of 0.45 million shares were traded which was below their three months average volume of 1.51 million shares. The stock has fallen by 1.42% in the previous three trading sessions. However, over the last one month and the past three months, the company's shares have surged 15.79% and 33.97%, respectively. Shares in Synergy closed above their 50-day and 200-day moving averages of $3.49 and $3.33, respectively. Furthermore, the stock has a Relative Strength Index (RSI) of 57.46. Visit Investor-Edge and access the latest research on SGYP at:
http://get.Investor-Edge.com/pdf/?c=Synergy%20Pharma&d=13-Apr-2015&s=SGYP
Sneak Peek to Corporate Insider Trading
In the last one month, Synergy has not reported any share transactions by insiders to the U.S. Securities and Exchange Commission (SEC). Complimentary in-depth research on SGYP is available at:
http://get.Investor-Edge.com/pdf/?c=Synergy%20Pharma&d=13-Apr-2015&s=SGYP
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