Zynerba: Why Did This Hemp Stock Gain 17% Overnight?
Among the hemp stocks traded in the US and Canadian stock markets, Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE) was an outperformer on June 18, 2020. This hemp stock gained 17% at the end of the trading hours on Thursday.
The average trading volume for this legalized cannabis company yesterday was close to $3.7 million. This figure is almost three times the average volume of shares traded one day earlier. Zynerba stock price gained over 30% since last Friday and its year to date returns is an impressive 9.35% in a pandemic-ravaged economy.
Zynerba has a market cap north of $160 million. However, the price target is almost 60% lower than its 52-week high price of $15.70.
What led to the sudden surge in Zynerba Hemp Stock?
A recent publication in Insider Monkey attributed the sudden surge in Zynerba stock prices to the bullish outlook of this hemp stock by several hedge funds. In the publication, analyst Debasis Saha cited that seven different hedge funds held a position in this hemp stock at the end of Q1 2020.
Portolan Capital Management, Prentice Capital Management, Sphera Global Healthcare Fund, OZ Management, Citadel Investment Group are some of the noteworthy stakeholders in Zynerba. The total stake held by all of these hedge funds in this hemp stock is close to $4 million, whereas the top two hedge fund stakeholders collectively held a $3 million position.
A Solid Day for Cannabis and Hemp Stocks
Although Zynerba outshined many other pot stocks yesterday, some others gained a noteworthy momentum. Tilray (NASDAQ: TLRY) stock price rose to $8.56 recording a 5.81% increase. Tilray Inc’s market cap on Thursday was over $1 billion. However, unlike Zynerba, Tilray Inc stock is still down by 48% for the year.
GW Pharmaceuticals (NASDAQ: GWPH), is another one of Zynerba’s peer hemp stocks that gained upward momentum yesterday. GWPH stock closed at $131.18, 4.36% higher, at the end of trading hours.
Canopy Rivers (TSE: RIV) stock too gained 3.48% at the time of the market close on Thursday. Canopy Rivers is an investment platform that specializes in scouting for potential growth opportunities in the Cannabis sector. The company has a market cap close to CA$228.6 million.
Zynerba: Why Did This Hemp Stock Gain 17% Overnight?
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