Short-term stake in Syneos Health, Inc. (NASDAQ:SYNH) drops 19.9%

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Syneos Health, Inc. (NASDAQ:SYNH – Get Rating) saw a sharp drop in short-term interest during the month of September. As of September 30, there was short interest totaling 1,330,000 shares, down 19.9% ​​from the September 15 total of 1,660,000 shares. Currently, 1.3% of the company’s shares are sold short. Based on an average trading volume of 744,500 shares, the day-to-cover ratio is currently 1.8 days.

Performance of Syneos Health shares

Shares of Syneos Health traded down $0.06 during Friday’s trading, hitting $46.76. 600,632 shares were traded, against an average volume of 936,522. Syneos Health has a 1-year low of $44.22 and a 1-year high of $104.18. The stock has a market capitalization of $4.80 billion, a price-earnings ratio of 17.58 and a beta of 1.78. The company has a fifty-day moving average price of $56.96 and a 200-day moving average price of $67.68. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt ratio of 0.86.

Syneos Health (NASDAQ:SYNH – Get Rating) last released its quarterly earnings data on Tuesday, August 2. The company reported earnings per share (EPS) of $1.13 for the quarter, beating the consensus estimate of $1.08 by $0.05. Syneos Health had a return on equity of 14.04% and a net margin of 5.13%. The company posted revenue of $1.36 billion for the quarter, compared to analysts’ estimates of $1.39 billion. In the same quarter of the previous year, the company had earned earnings per share of $0.86. The company’s revenue for the quarter increased by 6.0% compared to the same quarter last year. As a group, equity analysts expect Syneos Health to post EPS of 4.54 for the current fiscal year.

Insider activity

Separately, CFO Jason M. Meggs sold 7,500 shares of the company in a trade that took place on Monday, July 18. The shares were sold at an average price of $72.81, for a total transaction of $546,075.00. Following the completion of the transaction, the CFO now owns 54,736 shares of the company, valued at $3,985,328.16. The sale was disclosed in a filing with the SEC, accessible via the SEC’s website. In other news, COO Michael Lee Brooks sold 1,002 shares of Syneos Health in a trade dated Thursday, July 28. The stock was sold at an average price of $78.00, for a total transaction of $78,156.00. Following the transaction, the chief operating officer now owns 47,552 shares of the company, valued at approximately $3,709,056. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Additionally, CFO Jason M. Meggs sold 7,500 shares of the company in a trade that took place on Monday, July 18. The stock was sold at an average price of $72.81, for a total transaction of $546,075.00. Following the sale, the CFO now owns 54,736 shares of the company, valued at $3,985,328.16. The disclosure of this sale can be found here. Insiders sold a total of 21,054 shares of the company valued at $1,547,382 over the past ninety days. 0.34% of the shares are held by insiders.

Hedge funds weigh on the health of Syneos

Several institutional investors and hedge funds have recently changed their SYNH holdings. Jackson Grant Investment Advisers Inc. acquired a new position in Syneos Health in Q1 worth approximately $26,000. Independence Bank of Kentucky bought a new stock position in Syneos Health during the first quarter for a value of approximately $28,000. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in Syneos Health during Q2 worth approximately $28,000. CWM LLC increased its stake in Syneos Health by 124.7% in the 2nd quarter. CWM LLC now owns 418 shares of the company valued at $30,000 after purchasing an additional 232 shares during the period. Finally, Meeder Asset Management Inc. increased its stake in Syneos Health by 181.8% in the second quarter. Meeder Asset Management Inc. now owns 465 shares of the company valued at $33,000 after buying 300 more shares in the last quarter. 94.80% of the shares are currently held by institutional investors and hedge funds.

Wall Street analysts predict growth

SYNH has been the subject of a number of research analyst reports. William Blair upgraded Syneos Health from an “outperforming” rating to a “market performance” rating in a Wednesday, August 3 report. Robert W. Baird lowered his price target on Syneos Health from $89.00 to $80.00 and set an “outperform” rating on the stock in a research report on Friday, September 16. StockNews.com began covering Syneos Health shares in a research note on Wednesday. They set a “hold” rating for the company. UBS Group began covering Syneos Health shares in a report on Wednesday, September 7. They issued a “neutral” rating and a price target of $68.00 on the stock. Finally, Citigroup cut its price target on Syneos Health shares from $70.00 to $55.00 and set a “neutral” rating for the company in a Wednesday, Oct. 5 report. Six analysts gave the stock a hold rating and five gave the stock a buy rating. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $74.00.

About Syneos Health

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Syneos Health, Inc provides a biopharmaceutical outsourcing solutions company in North America, Europe, Middle East, Africa, Asia-Pacific and Latin America. It operates through two segments, Clinical Solutions and Commercial Solutions. The Clinical Solutions segment offers services for the development of diagnostics, drugs, biologics, devices and digital therapies in Phases I through IV of clinical development.

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