Shares are trading at $9.90 significantly higher than $8.19, the 50 day moving average and quite a bit higher than the 200 day moving average of $8.19. The 50 day moving average was up $1.71 or +20.93% and the 200 day average moved up $1.71. Trading was light with 300K shares changing hands in the last trading session. Overall, volume was down 7.61% under the stocks normal daily volume.
Investors are more bearish on the company lately as shown by the rise in short interest. The firm recorded a rise in short interest from September 15, 2017 to September 29, 2017 of 8.51%. Short shares increased from 2,052,453 to 2,227,100 over that timeframe. Days to cover decreased -5.0 to 1.0 and the percentage of shorted shares was 0.17% on September 29.
A few notable investment firms have updated their holdings. As of quarter end Granite Point Capital Management, L.p. had acquired 36,200 shares growing its position 36.6%. The value in dollars went from $1,990,000 to $2,294,000 a change of 15.3% quarter over quarter. Cutler Group LP divested its investment by selling 1,538 shares a decrease of 25.9%. Cutler Group LP controls 4,400 shares worth $36,000. The total value of its holdings decreased 64.0%.
As of the end of the quarter Pennsylvania Trust Co had bought a total of 42,650 shares growing its holdings by 30.6%. The value of the total investment in Zynerba Pharmaceuticals, Inc. decreased from $2,366,000 to $1,522,000 decreasing 35.7% for the reporting period. Bank Of Montreal /can/ grew its holdings by buying 42,316 shares an increase of 22,997.8% from 06/30/2017 to 09/30/2017. Bank Of Montreal /can/ currently owns 42,500 shares valued at $355,000. The value of the position overall is up by 11,733.3%.
On August 8 the stock rating was downgraded from “Buy” to “Neutral” and a price target of $7.00 was set in an announcement from H.C. Wainwright. H.C. Wainwright downgraded the stock and lowered the price target on August 8 cutting the price target from $22.00 to $7.00 and moving the rating from “Buy” to “Neutral”.
On August 15 the company was rated “Market Perform” by Oppenheimer a cut from the previous “Outperform” rating. On August 15, 2017 the stock rating was set at “Market Perform” in a report from Jefferies which was a cut from the previous “Buy” rating.
August 21 investment analysts at Canaccord Genuity left the company rating at “Buy” but lowered the price target from $35.00 to $9.00.
As of the latest earnings report the EPS was $-2.60 and is projected to be $-2.42 for the current year with 13,257,000 shares outstanding. Next quarter’s EPS is forecasted at $-0.58 and the next full year EPS is projected to be $-2.39.
Zynerba Pharmaceuticals, Inc., launched on January 31, 2007, is a specialty pharmaceutical company. The Company is involved in developing and commercializing transdermal synthetic cannabinoid treatments for patients with high unmet needs. Its development pipeline includes two product candidates: ZYN002 and ZYN001..