Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) saw a large decline in short interest during the month of August. As of August 31st, there was short interest totalling 2,265,898 shares, a decline of 25.0% from the August 15th total of 3,020,759 shares. Based on an average daily volume of 613,139 shares, the short-interest ratio is presently 3.7 days. Approximately 21.5% of the shares of the company are short sold.

Several analysts have recently commented on the stock. Oppenheimer Holdings, Inc. downgraded shares of Zynerba Pharmaceuticals from an “outperform” rating to a “market perform” rating in a report on Monday, August 14th. Maxim Group reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Zynerba Pharmaceuticals in a report on Thursday, June 8th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $28.00 price objective on shares of Zynerba Pharmaceuticals in a report on Tuesday, August 8th. Zacks Investment Research downgraded shares of Zynerba Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, May 30th. Finally, Jefferies Group LLC downgraded shares of Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating and dropped their price objective for the company from $12.00 to $7.00 in a report on Tuesday, August 15th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $12.67.

Shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) opened at 6.23 on Friday. The stock has a 50 day moving average of $6.25 and a 200 day moving average of $13.29. The stock’s market capitalization is $82.59 million. Zynerba Pharmaceuticals has a 12-month low of $6.10 and a 12-month high of $23.57.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last announced its earnings results on Tuesday, August 1st. The company reported ($0.64) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.04). Equities research analysts anticipate that Zynerba Pharmaceuticals will post ($2.42) EPS for the current fiscal year.

A number of large investors have recently bought and sold shares of ZYNE. Marshall Wace North America L.P. purchased a new position in Zynerba Pharmaceuticals in the 1st quarter valued at $9,362,000. JPMorgan Chase & Co. grew its position in Zynerba Pharmaceuticals by 65,190.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 326,450 shares of the company’s stock valued at $5,539,000 after buying an additional 325,950 shares during the last quarter. Citigroup Inc. grew its position in Zynerba Pharmaceuticals by 13,501.1% in the 2nd quarter. Citigroup Inc. now owns 221,698 shares of the company’s stock valued at $3,762,000 after buying an additional 220,068 shares during the last quarter. State Street Corp purchased a new position in Zynerba Pharmaceuticals in the 2nd quarter valued at $2,698,000. Finally, Vanguard Group Inc. grew its position in Zynerba Pharmaceuticals by 53.9% in the 1st quarter. Vanguard Group Inc. now owns 425,811 shares of the company’s stock valued at $8,559,000 after buying an additional 149,094 shares during the last quarter. Hedge funds and other institutional investors own 34.32% of the company’s stock.

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Zynerba Pharmaceuticals Company Profile

Zynerba Pharmaceuticals, Inc is a specialty pharmaceutical company. The Company is engaged in developing and commercializing transdermal synthetic cannabinoid treatments for patients with high unmet needs. Its development pipeline includes two product candidates: ZYN002 and ZYN001. ZYN002 is a synthetic cannabidiol (CBD), which is a non-psychoactive cannabinoid, formulated as a patent-protected permeation-enhanced gel for transdermal delivery through the skin and into the circulatory system.

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