Short Interest in Syneos Health, Inc. (NASDAQ:SYNH) Decreases By 17.9%


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Syneos Health, Inc. (NASDAQ:SYNH) was the target of a large decrease in short interest in the month of April. As of April 15th, there was short interest totalling 4,480,000 shares, a decrease of 17.9% from the March 31st total of 5,460,000 shares. Currently, 5.3% of the shares of the stock are sold short. Based on an average daily volume of 950,100 shares, the days-to-cover ratio is currently 4.7 days.

In related news, Director John L. Maldonado sold 4,654,046 shares of the business’s stock in a transaction dated Wednesday, March 3rd. The shares were sold at an average price of $74.17, for a total value of $345,190,591.82. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Jason M. Meggs sold 6,000 shares of the business’s stock in a transaction dated Thursday, April 15th. The stock was sold at an average price of $84.00, for a total transaction of $504,000.00. Following the completion of the sale, the chief financial officer now owns 60,701 shares in the company, valued at $5,098,884. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,707,529 shares of company stock worth $349,415,465. Corporate insiders own 0.44% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. AJO LP bought a new stake in Syneos Health in the fourth quarter valued at about $72,000. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Syneos Health by 50.6% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,286 shares of the company’s stock valued at $88,000 after purchasing an additional 432 shares during the last quarter. World Asset Management Inc bought a new stake in Syneos Health in the fourth quarter valued at about $202,000. Private Capital Group LLC increased its holdings in Syneos Health by 8.5% in the fourth quarter. Private Capital Group LLC now owns 3,165 shares of the company’s stock valued at $216,000 after purchasing an additional 248 shares during the last quarter. Finally, Fulton Bank N.A. bought a new stake in Syneos Health in the first quarter valued at about $224,000. 99.90% of the stock is currently owned by institutional investors and hedge funds.

Syneos Health stock traded down $2.42 on Tuesday, reaching $80.93. The company’s stock had a trading volume of 174,663 shares, compared to its average volume of 905,745. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.06 and a current ratio of 1.06. The company has a market cap of $8.43 billion, a price-to-earnings ratio of 44.49 and a beta of 1.85. The business’s fifty day moving average price is $80.60 and its 200 day moving average price is $71.89. Syneos Health has a twelve month low of $50.26 and a twelve month high of $89.95.

Syneos Health (NASDAQ:SYNH) last issued its quarterly earnings results on Thursday, April 29th. The company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.17. Syneos Health had a return on equity of 10.02% and a net margin of 4.28%. As a group, equities analysts forecast that Syneos Health will post 2.95 earnings per share for the current year.

Several equities analysts have recently commented on SYNH shares. KeyCorp increased their target price on Syneos Health from $76.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday, March 15th. Barclays began coverage on Syneos Health in a research note on Monday, March 8th. They set an “equal weight” rating and a $84.00 price objective on the stock. Mizuho raised their price objective on Syneos Health from $82.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Citigroup raised their price objective on Syneos Health from $80.00 to $85.00 in a research note on Friday, February 19th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $81.64.

Syneos Health Company Profile

Syneos Health, Inc provides biopharmaceutical outsourcing solutions company in North America, Europe, the Middle East, Africa, the Asia-Pacific, and Latin America. It operates through two segments, Clinical Solutions and Commercial Solutions. The Clinical Solutions segment offers various services spanning Phases I to IV of clinical development, including full service global studies, as well as individual service offerings, such as clinical monitoring, investigator recruitment, patient recruitment, data management, and study startup to assist customers with their drug development process.

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