There’s some positive Zynerba Pharmaceuticals news concerning ZYNE stock on Tuesday.
Investors have likely already noticed that Zynerba Pharmaceuticals (NASDAQ:ZYNE) stock is soaring today. This doesn’t have to do with any Zynerba Pharmaceuticals news announcement from the company. Rather, it has to do with options for its CEO.
Zynerba Pharmaceuticals CEO Armando Anido has received 160,000 options from the company. These expired on Jan. 24, 2019. It seems that the CEO exercising these options is what is pushing ZYNE stock higher today.
What we don’t know is exactly how many of the 160,000 options Anido is exercising. However, the boost to the stock may also be pushing other investors to sell their shares. This includes those that are shorting the stock and see this ramp up as the best potential to make a profit, reports CNA Finance.
All these actions in connection to the Zynerba Pharmaceuticals news has the stock flying high on Tuesday. ZYNE stock was up 32% as of noon today. This has the stock trading at around $5.08. That’s a major jump over the stock’s previous closing price of $3.84 for Monday.
Long-term investors in ZYNE stock are also likely happy about the Zynerba Pharmaceuticals news today. The stock’s last six months haven’t been its strongest. This has seen it drop 43% from its price of $6.77 that it was sitting at six months ago. While the current price of $5.08 is still short of this, it is good news for investors.
As of this writing, William White did not hold a position in any of the aforementioned securities.