Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE) saw a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 5,230,000 shares, an increase of 18.1% from the September 15th total of 4,430,000 shares. Based on an average daily trading volume, of 837,100 shares, the short-interest ratio is currently 6.2 days. Currently, 25.8% of the company’s stock are short sold.
Zynerba Pharmaceuticals stock opened at $8.14 on Tuesday. The firm has a 50-day moving average of $8.61 and a 200-day moving average of $11.08. Zynerba Pharmaceuticals has a one year low of $2.75 and a one year high of $16.47. The company has a market cap of $196.02 million, a price-to-earnings ratio of -3.12 and a beta of 4.75.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.50) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.50). Analysts expect that Zynerba Pharmaceuticals will post -2.03 earnings per share for the current year.
Hedge funds have recently modified their holdings of the company. NEXT Financial Group Inc raised its holdings in shares of Zynerba Pharmaceuticals by 1,190.0% in the 2nd quarter. NEXT Financial Group Inc now owns 1,935 shares of the company’s stock valued at $26,000 after purchasing an additional 1,785 shares during the period. Prestige Wealth Management Group LLC bought a new stake in shares of Zynerba Pharmaceuticals in the 2nd quarter valued at about $54,000. Wells Fargo & Company MN raised its holdings in shares of Zynerba Pharmaceuticals by 110.1% in the 2nd quarter. Wells Fargo & Company MN now owns 4,205 shares of the company’s stock valued at $57,000 after purchasing an additional 2,204 shares during the period. Tower Research Capital LLC TRC bought a new stake in shares of Zynerba Pharmaceuticals in the 2nd quarter valued at about $72,000. Finally, Sterling Investment Advisors Ltd. bought a new stake in shares of Zynerba Pharmaceuticals in the 2nd quarter valued at about $81,000. 36.76% of the stock is currently owned by institutional investors.
A number of equities analysts have recently commented on the stock. ValuEngine downgraded shares of Zynerba Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Friday. LADENBURG THALM/SH SH restated a “buy” rating and set a $26.00 price objective on shares of Zynerba Pharmaceuticals in a research note on Wednesday, September 18th. BidaskClub downgraded shares of Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday, July 11th. Jefferies Financial Group restated a “hold” rating and set a $11.00 price objective on shares of Zynerba Pharmaceuticals in a research note on Monday, September 16th. Finally, Needham & Company LLC assumed coverage on shares of Zynerba Pharmaceuticals in a research note on Monday, October 21st. They set a “buy” rating and a $18.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. Zynerba Pharmaceuticals presently has an average rating of “Buy” and an average price target of $20.13.
About Zynerba Pharmaceuticals
Zynerba Pharmaceuticals, Inc operates as a clinical stage specialty pharmaceutical company. It focuses on developing pharmaceutically-produced transdermal cannabinoid therapies for rare and near-rare neuropsychiatric disorders. The company is developing Zygel, a transdermal cannabidiol gel, which is in Phase II clinical trial for treating children and adolescent patients with developmental and epileptic encephalopathies; is in Phase II/III clinical trial to treat children and adolescent patients with fragile X syndrome; and is in Phase II clinical trial for treating children and adolescent patients with autism spectrum disorder.
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