Zacks Investment Research Upgrades Zynerba Pharmaceuticals, Inc. (ZYNE) to Hold
Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday.
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. “
Several other research analysts have also weighed in on ZYNE. Roth Capital set a $30.00 target price on shares of Zynerba Pharmaceuticals and gave the stock a “buy” rating in a research report on Saturday, May 13th. Canaccord Genuity set a $35.00 target price on shares of Zynerba Pharmaceuticals and gave the stock a “buy” rating in a research report on Saturday, May 13th. HC Wainwright lowered shares of Zynerba Pharmaceuticals from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $30.00 to $7.00 in a research report on Tuesday. Cantor Fitzgerald set a $28.00 target price on shares of Zynerba Pharmaceuticals and gave the stock a “buy” rating in a research report on Tuesday, August 1st. Finally, ValuEngine lowered shares of Zynerba Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $17.89.
Shares of Zynerba Pharmaceuticals (NASDAQ ZYNE) opened at 7.60 on Thursday. Zynerba Pharmaceuticals has a 1-year low of $5.93 and a 1-year high of $25.95. The stock’s market capitalization is $100.75 million. The stock’s 50 day moving average is $16.61 and its 200 day moving average is $19.22. Zynerba Pharmaceuticals also saw unusually large options trading activity on Monday. Stock investors acquired 7,953 put options on the stock. This represents an increase of 726% compared to the average volume of 963 put options.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) last issued its earnings results on Tuesday, August 1st. The company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.60) by $0.04. On average, equities analysts forecast that Zynerba Pharmaceuticals will post ($2.42) EPS for the current year.
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In other Zynerba Pharmaceuticals news, Chairman Armando Anido purchased 5,000 shares of Zynerba Pharmaceuticals stock in a transaction on Monday, May 15th. The shares were bought at an average price of $19.70 per share, with a total value of $98,500.00. Following the completion of the acquisition, the chairman now directly owns 336,012 shares of the company’s stock, valued at $6,619,436.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO James E. Fickenscher purchased 5,200 shares of Zynerba Pharmaceuticals stock in a transaction on Friday, May 12th. The stock was acquired at an average cost of $19.82 per share, for a total transaction of $103,064.00. Following the acquisition, the chief financial officer now directly owns 12,200 shares of the company’s stock, valued at $241,804. The disclosure for this purchase can be found here. 10.02% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new stake in shares of Zynerba Pharmaceuticals during the first quarter valued at about $188,000. Bluestein R H & Co. acquired a new stake in shares of Zynerba Pharmaceuticals during the first quarter valued at about $942,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Zynerba Pharmaceuticals during the first quarter valued at about $410,000. MARSHALL WACE ASIA Ltd acquired a new stake in shares of Zynerba Pharmaceuticals during the first quarter valued at about $1,645,000. Finally, Granite Point Capital Management L.P. acquired a new stake in shares of Zynerba Pharmaceuticals during the first quarter valued at about $1,990,000. 31.08% of the stock is currently owned by institutional investors.
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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