Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) is among the top losers of the stock market today, sinking 0% or (0 points) to $14.51 from its previous close of $14.51. Does this decline mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 0 contracts so far this session. ZYNE shares had a relatively better volume day versus average trading capacity of 2.43 million shares, but with a 18.17 million float and a 12.13% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for ZYNE stock indicates that the average analyst price target is $20.08 per share. This means the stock has a potential increase of 38.39% from where the ZYNE share price has been trading recently which is between $14.11 and $15.2099. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $5.5.
The shorts are running away from Zynerba Pharmaceuticals, Inc. (ZYNE) stock. The latest set of short interest data was released on 30 April 2019, and the numbers show a drop in short interest in ZYNE shares. While short interest still represents only 19.04% of ZYNE’s float, the number of shares shorted have fallen by -150754. The number of shares shorted fell to 3459913 shares, down from 3610667 shares during the preceding fortnight. With average daily trading volumes at 2622259 shares, days to cover increased to about 1 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Zynerba Pharmaceuticals, Inc. (ZYNE) Shares March Higher, Can It Continue?” and dated May 21, 2019.
During the recent trading session for Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE), the company witnessed their stock rise $1.58 over a week and surge $4.9 from the price 20 days ago. When compared to their established 52-week high of $16.47, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 05/17/19. The recent low of $2.75 stood for a -11.9% since 12/31/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 5.39 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for Zynerba Pharmaceuticals, Inc., the two-week RSI stands at 69.77. This figure suggests that ZYNE stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current ZYNE readings is similarly very revealing as it has a stochastic reading of 77.68% at this stage. This figure means that ZYNE share price today is being oversold.
Technical chart claims that Zynerba Pharmaceuticals, Inc. (ZYNE) would settle between $15.11/share to $15.71/share level. However, if the stock price goes below the $14.01 mark, then the market for Zynerba Pharmaceuticals, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $13.51 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 1.03. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Canaccord Genuity, assumed coverage of ZYNE assigning Buy rating, according to their opinion released on April 22. H.C. Wainwright, analysts launched coverage of Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) stock with a Buy recommendation, according to their flash note issued to investors on February 01. Analysts at Ladenburg Thalmann, made their first call for the equity with a Buy recommendation, according to a research note that dated back to January 29.
ZYNE equity has an average rating of 1.83, with the figure leaning towards a bullish end. 6 analysts who tracked the company were contacted by Reuters. Amongst them, 1 rated the stock as a hold while the remaining 5 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 5 analysts rated Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.