Zynerba Pharmaceuticals Sees Unusually Large Options Volume (NASDAQ:ZYNE)

Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE) saw some unusual options trading activity on Monday. Traders purchased 14,642 put options on the company. This represents an increase of 1,148% compared to the typical volume of 1,173 put options.

A number of hedge funds have recently added to or reduced their stakes in ZYNE. California Public Employees Retirement System purchased a new stake in Zynerba Pharmaceuticals in the 4th quarter worth approximately $109,000. State Street Corp boosted its holdings in shares of Zynerba Pharmaceuticals by 5.1% in the 4th quarter. State Street Corp now owns 403,691 shares of the company’s stock valued at $2,438,000 after purchasing an additional 19,694 shares during the last quarter. Barclays PLC boosted its holdings in shares of Zynerba Pharmaceuticals by 31.7% in the 4th quarter. Barclays PLC now owns 23,231 shares of the company’s stock valued at $140,000 after purchasing an additional 5,585 shares during the last quarter. Citigroup Inc. boosted its holdings in shares of Zynerba Pharmaceuticals by 93.4% in the 4th quarter. Citigroup Inc. now owns 6,940 shares of the company’s stock valued at $42,000 after purchasing an additional 3,352 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Zynerba Pharmaceuticals in the 4th quarter valued at $258,000. 36.96% of the stock is owned by hedge funds and other institutional investors.

ZYNE has been the subject of a number of recent research reports. ValuEngine raised shares of Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday, April 2nd. LADENBURG THALM/SH SH reissued a “buy” rating and set a $26.00 price objective on shares of Zynerba Pharmaceuticals in a research note on Monday. Zacks Investment Research reissued a “buy” rating and set a $6.25 price objective on shares of Zynerba Pharmaceuticals in a research note on Saturday, May 30th. Cantor Fitzgerald raised their price objective on shares of Zynerba Pharmaceuticals from $21.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, May 28th. Finally, Needham & Company LLC reissued a “buy” rating and set a $16.00 price objective on shares of Zynerba Pharmaceuticals in a research note on Thursday, April 16th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Zynerba Pharmaceuticals has an average rating of “Buy” and a consensus price target of $15.88.

ZYNE stock opened at $6.54 on Tuesday. The stock has a market capitalization of $157.19 million, a P/E ratio of -4.17 and a beta of 3.12. Zynerba Pharmaceuticals has a one year low of $2.55 and a one year high of $15.70. The company has a 50 day moving average price of $5.42 and a two-hundred day moving average price of $4.84.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last released its earnings results on Monday, May 11th. The company reported ($0.53) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.50) by ($0.03). On average, equities analysts anticipate that Zynerba Pharmaceuticals will post -1.75 earnings per share for the current year.

Zynerba Pharmaceuticals Company Profile

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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