Here's Why Synergy Pharmaceuticals Inc. Is Falling Today
After posting a much higher loss than Wall Street expected, shares of Synergy Pharmaceuticals (NASDAQ: SGYP), a commercial-stage biopharma focused on diseases of the gastrointestinal system, fell as much as 13% in early morning trading on Thursday before they started to recover. As of 11:10 a.m. EDT, the stock was down about 7%.
Here's a review of the headline numbers from the second quarter:
Traders are reacting harshly to the news of a higher-than-expected loss. That makes sense given that the company's current cash balance is only enough to sustain the business for about four more months if current spending rates persist.
Source: Fool.com
