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Is Cannabis Biotech Zynerba the Hottest Post-IPO of 2015?

Submitted by Marijuana News on Tue, 08/11/2015 - 09:18

Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE) had a solid run on Monday following the prior week’s initial public offering. The problem is that this deal was so small, and it came out during a serious week of selling in the equities market, that most investors may not even know about this company at all.

Zynerba Pharmaceuticals sold 3 million shares of common stock at $14.00 per share in its IPO last week. All 450,000 shares in the overallotment option were used, and the pricing range had been $13.00 to $15.00 per share.

Jefferies and Piper Jaffray were the joint book-running managers for this offering. Canaccord Genuity and Oppenheimer were listed as co-managers for the IPO.

Here is what matters, after pricing at $14.00 the first day’s highest price was shown to be $22.25 – but the closing price was $16.25. Then shares closed at $19.32 on Thursday, followed by $24.54 on Friday....

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http://247wallst.com/healthcare-business/2015/08/10/is-cannabis-biotech-zynerba-the-hottest-post-ipo-of-2015/

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