NEW YORK (AP) _ Synergy Pharmaceuticals Inc. (SGYP) on Thursday reported a loss of $48.9 million in its third quarter.
On a per-share basis, the New York-based company said it had a loss of 22 cents.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 27 cents per share.
The biopharmaceutical company posted revenue of $5 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $5.8 million.
In the final minutes of trading on Thursday, the company's shares hit $2.97. A year ago, they were trading at $5.15.