Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE) was the recipient of unusually large options trading activity on Thursday. Traders acquired 1,370 put options on the stock. This represents an increase of approximately 1,679% compared to the typical volume of 77 put options.
A number of hedge funds have recently added to or reduced their stakes in ZYNE. ETF Managers Group LLC purchased a new position in Zynerba Pharmaceuticals in the 2nd quarter worth approximately $30,323,000. BlackRock Inc. lifted its holdings in shares of Zynerba Pharmaceuticals by 341.4% in the 2nd quarter. BlackRock Inc. now owns 1,311,995 shares of the company’s stock worth $17,778,000 after acquiring an additional 1,014,749 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Zynerba Pharmaceuticals by 127.8% in the 2nd quarter. Vanguard Group Inc. now owns 1,232,456 shares of the company’s stock worth $16,700,000 after acquiring an additional 691,342 shares during the last quarter. JPMorgan Chase & Co. bought a new stake in shares of Zynerba Pharmaceuticals in the 2nd quarter worth approximately $1,865,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Zynerba Pharmaceuticals in the 2nd quarter worth approximately $789,000. 45.31% of the stock is owned by institutional investors and hedge funds.
ZYNE stock opened at $5.81 on Friday. Zynerba Pharmaceuticals has a one year low of $3.56 and a one year high of $16.47. The stock has a market cap of $140.12 million, a PE ratio of -2.23 and a beta of 4.57. The firm has a 50 day simple moving average of $6.07 and a two-hundred day simple moving average of $9.29.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.44) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.52) by $0.08. On average, sell-side analysts forecast that Zynerba Pharmaceuticals will post -1.65 earnings per share for the current fiscal year.
Several research firms have recently weighed in on ZYNE. Needham & Company LLC began coverage on shares of Zynerba Pharmaceuticals in a research note on Monday, October 21st. They issued a “buy” rating and a $18.00 target price for the company. ValuEngine cut shares of Zynerba Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Monday, December 16th. LADENBURG THALM/SH SH reaffirmed a “buy” rating and set a $26.00 price objective on shares of Zynerba Pharmaceuticals in a research note on Wednesday, September 18th. Roth Capital began coverage on shares of Zynerba Pharmaceuticals in a research note on Tuesday. They set a “buy” rating and a $12.00 price objective for the company. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $11.00 price objective on shares of Zynerba Pharmaceuticals in a research note on Monday, September 16th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $16.29.
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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