Zynerba Pharmaceuticals, Inc. (ZYNE) Sees Large Increase in Short Interest
Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) was the target of a significant increase in short interest in the month of October. As of October 13th, there was short interest totalling 2,836,313 shares, an increase of 27.4% from the September 29th total of 2,227,100 shares. Based on an average daily trading volume, of 797,348 shares, the short-interest ratio is currently 3.6 days. Approximately 26.9% of the shares of the company are short sold.
In related news, major shareholder Michael Rapp bought 25,745 shares of Zynerba Pharmaceuticals stock in a transaction that occurred on Monday, October 23rd. The stock was acquired at an average price of $9.94 per share, for a total transaction of $255,905.30. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 10.02% of the stock is currently owned by company insiders.
Hedge funds have recently bought and sold shares of the business. Morgan Stanley raised its stake in shares of Zynerba Pharmaceuticals by 220.3% during the first quarter. Morgan Stanley now owns 57,752 shares of the company’s stock worth $1,161,000 after acquiring an additional 39,722 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Zynerba Pharmaceuticals by 53.9% during the first quarter. Vanguard Group Inc. now owns 425,811 shares of the company’s stock worth $8,559,000 after acquiring an additional 149,094 shares in the last quarter. Citigroup Inc. raised its stake in shares of Zynerba Pharmaceuticals by 13,501.1% during the second quarter. Citigroup Inc. now owns 221,698 shares of the company’s stock worth $3,762,000 after acquiring an additional 220,068 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Zynerba Pharmaceuticals during the first quarter worth approximately $188,000. Finally, Geode Capital Management LLC raised its stake in shares of Zynerba Pharmaceuticals by 57.6% during the first quarter. Geode Capital Management LLC now owns 76,015 shares of the company’s stock worth $1,527,000 after acquiring an additional 27,789 shares in the last quarter. 34.94% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms recently issued reports on ZYNE. Zacks Investment Research raised shares of Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, August 10th. Oppenheimer Holdings, Inc. lowered shares of Zynerba Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research report on Monday, August 14th. HC Wainwright lowered shares of Zynerba Pharmaceuticals from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $30.00 to $7.00 in a research report on Tuesday, August 8th. Roth Capital lowered shares of Zynerba Pharmaceuticals from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $30.00 to $7.00 in a research report on Tuesday, August 8th. Finally, Jefferies Group LLC lowered shares of Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating and dropped their price target for the stock from $12.00 to $7.00 in a research report on Tuesday, August 15th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $14.22.
Zynerba Pharmaceuticals (ZYNE) opened at 9.80 on Friday. The company has a 50-day moving average of $8.30 and a 200 day moving average of $8.30. The firm’s market cap is $129.92 million. Zynerba Pharmaceuticals has a 52-week low of $5.80 and a 52-week high of $23.57.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) last posted its quarterly earnings results on Tuesday, August 1st. The company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.04). On average, equities research analysts anticipate that Zynerba Pharmaceuticals will post ($2.42) EPS for the current year.
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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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