Zynerba Pharmaceuticals, Inc. (ZYNE) Short Interest Up 27.4% in October
Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) saw 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. Approximately 26.9% of the company’s shares are short sold. Based on an average daily volume of 797,348 shares, the short-interest ratio is currently 3.6 days.
In other news, major shareholder Michael Rapp bought 25,745 shares of the company’s stock in a transaction dated Monday, October 23rd. The stock was bought at an average cost of $9.94 per share, for a total transaction of $255,905.30. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 10.02% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Nationwide Fund Advisors purchased a new stake in Zynerba Pharmaceuticals in the 2nd quarter valued at about $110,000. The Manufacturers Life Insurance Company purchased a new stake in Zynerba Pharmaceuticals in the 2nd quarter valued at about $158,000. SG Americas Securities LLC purchased a new stake in Zynerba Pharmaceuticals in the 1st quarter valued at about $188,000. Bank of New York Mellon Corp boosted its position in Zynerba Pharmaceuticals by 5.5% in the 1st quarter. Bank of New York Mellon Corp now owns 12,165 shares of the company’s stock valued at $245,000 after buying an additional 635 shares during the period. Finally, New York State Common Retirement Fund purchased a new stake in Zynerba Pharmaceuticals in the 2nd quarter valued at about $207,000. 34.95% of the stock is owned by institutional investors.
Shares of Zynerba Pharmaceuticals (ZYNE) opened at 9.76 on Tuesday. The stock’s market capitalization is $129.39 million. Zynerba Pharmaceuticals has a one year low of $5.42 and a one year high of $25.95. The firm has a 50-day moving average of $8.41 and a 200 day moving average of $8.41.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) last issued 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 predict that Zynerba Pharmaceuticals will post ($2.42) EPS for the current year.
A number of analysts have recently weighed in on ZYNE shares. Oppenheimer Holdings Inc. set a $8.00 target price on shares of Zynerba Pharmaceuticals and gave the stock a “buy” rating in a report on Monday, August 7th. BidaskClub upgraded shares of Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Maxim Group set a $32.00 target price on shares of Zynerba Pharmaceuticals and gave the stock a “buy” rating in a report on Tuesday, August 1st. CIBC reiterated a “market perform” rating on shares of Zynerba Pharmaceuticals in a report on Tuesday, August 15th. Finally, Piper Jaffray Companies upgraded shares of Zynerba Pharmaceuticals from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $7.00 to $16.00 in a report on Thursday, September 28th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $14.22.
About Zynerba Pharmaceuticals
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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