Zynerba Pharmaceuticals, Inc. (ZYNE) Given New $15.00 Price Target at Canaccord Genuity
Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) had its target price raised by Canaccord Genuity from $9.00 to $15.00 in a report released on Friday morning. They currently have a buy rating on the stock.
Other analysts also recently issued research reports about the stock. Jefferies Group LLC reaffirmed a buy rating and issued a $32.00 price objective on shares of Zynerba Pharmaceuticals in a research report on Sunday, July 9th. Maxim Group set a $32.00 target price on Zynerba Pharmaceuticals and gave the company a buy rating in a research note on Monday, June 26th. Roth Capital set a $30.00 target price on Zynerba Pharmaceuticals and gave the company a buy rating in a research note on Saturday, June 10th. Cantor Fitzgerald set a $28.00 target price on Zynerba Pharmaceuticals and gave the company a buy rating in a research note on Thursday, June 8th. Finally, HC Wainwright set a $30.00 target price on Zynerba Pharmaceuticals and gave the company a buy rating in a research note on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $14.33.
Shares of Zynerba Pharmaceuticals (ZYNE) traded down 11.44% on Friday, hitting $8.36. 3,267,315 shares of the company were exchanged. The company has a 50-day moving average price of $6.28 and a 200 day moving average price of $6.28. Zynerba Pharmaceuticals has a 52-week low of $6.10 and a 52-week high of $23.57. The firm’s market cap is $110.83 million.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) last issued its quarterly earnings data on Tuesday, August 1st. The company reported ($0.64) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.60) by ($0.04). Analysts predict that Zynerba Pharmaceuticals will post ($2.39) EPS for the current fiscal year.
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Institutional investors have recently added to or reduced their stakes in the company. Nationwide Fund Advisors purchased a new position in shares of Zynerba Pharmaceuticals during the 2nd quarter valued at approximately $110,000. FNY Managed Accounts LLC bought a new position in Zynerba Pharmaceuticals during the first quarter worth $180,000. The Manufacturers Life Insurance Company bought a new position in Zynerba Pharmaceuticals during the second quarter worth $158,000. SG Americas Securities LLC bought a new position in Zynerba Pharmaceuticals during the first quarter worth $188,000. Finally, Bank of New York Mellon Corp lifted its stake in Zynerba Pharmaceuticals by 5.5% during the first quarter. Bank of New York Mellon Corp now owns 12,165 shares of the company’s stock worth $245,000 after purchasing an additional 635 shares during the last quarter. Institutional investors own 34.32% of the company’s stock.
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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