Flex Pharma Inc (NASDAQ:FLKS) Sees Large Drop in Short Interest

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Flex Pharma Inc (NASDAQ:FLKS) was the recipient of a significant drop in short interest during the month of June. As of June 30th, there was short interest totalling 749,000 shares, a drop of 20.5% from the May 30th total of 942,700 shares. Approximately 5.3% of the company’s shares are sold short. Based on an average trading volume of 1,140,000 shares, the short-interest ratio is currently 0.7 days.

Several hedge funds have recently added to or reduced their stakes in the company. Ahrens Investment Partners LLC bought a new position in shares of Flex Pharma during the first quarter valued at $69,000. Virtu Financial LLC raised its stake in shares of Flex Pharma by 222.9% during the first quarter. Virtu Financial LLC now owns 134,377 shares of the biotechnology company’s stock valued at $52,000 after acquiring an additional 92,758 shares during the last quarter. Finally, Wedbush Securities Inc. bought a new position in shares of Flex Pharma during the first quarter valued at $39,000. 14.42% of the stock is owned by hedge funds and other institutional investors.

Separately, ValuEngine downgraded shares of Zosano Pharma from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st.

Shares of FLKS stock traded up $0.05 during trading hours on Friday, hitting $0.81. 7,418,583 shares of the company’s stock traded hands, compared to its average volume of 1,560,826. The firm has a 50 day moving average price of $0.53. Flex Pharma has a 12 month low of $0.26 and a 12 month high of $1.49.

Flex Pharma (NASDAQ:FLKS) last released its quarterly earnings results on Wednesday, May 1st. The biotechnology company reported ($0.12) earnings per share (EPS) for the quarter. The business had revenue of $0.11 million for the quarter. Flex Pharma had a negative net margin of 2,082.22% and a negative return on equity of 155.34%.

About Flex Pharma

Flex Pharma, Inc, a biotechnology company, develops and commercializes products for the treatment of muscle cramps, spasms, and spasticity associated with neurological conditions and exercise-associated muscle cramps in the United States. It operates in two segments, Consumer Operations and Drug Development.

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