Zacks Investment Research upgraded shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) from a sell rating to a hold rating in a research report report published on Friday.
According to Zacks, “Zynerba Pharmaceuticals, Inc. is a specialty pharmaceutical company which focuses on developing and commercializing proprietary synthetic cannabinoid therapeutics formulated for transdermal delivery. Its product candidates which are in clinical trial stage include ZYN002 and ZYN001 synthetic transdermal cannabinoid therapeutics for indications including refractory epilepsy, Fragile X syndrome, osteoarthritis, fibromyalgia and peripheral neuropathic pain. Zynerba Pharmaceuticals, Inc. is headquartered in Devon, Pennsylvania. “
Other equities analysts have also issued research reports about the stock. Cantor Fitzgerald restated a hold rating and issued a $4.00 target price on shares of Zynerba Pharmaceuticals in a report on Thursday, September 28th. HC Wainwright set a $7.00 target price on shares of Zynerba Pharmaceuticals and gave the company a hold rating in a report on Tuesday, August 15th. Jefferies Group lowered shares of Zynerba Pharmaceuticals from a buy rating to a hold rating and dropped their target price for the company from $12.00 to $7.00 in a report on Tuesday, August 15th. Oppenheimer lowered shares of Zynerba Pharmaceuticals from an outperform rating to a market perform rating in a report on Monday, August 14th. Finally, Maxim Group restated a hold rating on shares of Zynerba Pharmaceuticals in a report on Monday, August 14th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $15.00.
Zynerba Pharmaceuticals (NASDAQ ZYNE) traded up $0.12 during mid-day trading on Friday, reaching $11.90. 209,894 shares of the company traded hands, compared to its average volume of 557,152. Zynerba Pharmaceuticals has a 1-year low of $5.42 and a 1-year high of $25.95.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) last released its earnings results on Tuesday, November 14th. The company reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.58) by ($0.05). During the same quarter last year, the business posted ($0.67) EPS. equities analysts expect that Zynerba Pharmaceuticals will post -2.49 EPS for the current year.
In other Zynerba Pharmaceuticals news, major shareholder Michael Rapp bought 25,745 shares of the firm’s stock in a transaction dated Monday, October 23rd. The stock was bought at an average cost of $9.94 per share, with a total value of $255,905.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 9.91% of the company’s stock.
A number of hedge funds have recently modified their holdings of ZYNE. Nationwide Fund Advisors bought a new stake in Zynerba Pharmaceuticals in the 2nd quarter worth about $110,000. Zeke Capital Advisors LLC bought a new stake in Zynerba Pharmaceuticals in the 3rd quarter worth about $114,000. The Manufacturers Life Insurance Company bought a new stake in Zynerba Pharmaceuticals in the 2nd quarter worth about $158,000. Cowen Inc. bought a new stake in Zynerba Pharmaceuticals in the 3rd quarter worth about $167,000. Finally, New York State Common Retirement Fund bought a new stake in Zynerba Pharmaceuticals in the 2nd quarter worth about $207,000. 26.95% of the stock is owned by institutional investors and hedge funds.
About Zynerba Pharmaceuticals
Zynerba Pharmaceuticals, Inc is a specialty pharmaceutical company. The Company is engaged in developing and commercializing transdermal synthetic cannabinoid treatments for patients with high unmet needs. Its development pipeline includes two product candidates: ZYN002 and ZYN001. ZYN002 is a synthetic cannabidiol (CBD), which is a non-psychoactive cannabinoid, formulated as a patent-protected permeation-enhanced gel for transdermal delivery through the skin and into the circulatory system.
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