Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report 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 brokerages have also recently weighed in on ZYNE. HC Wainwright reiterated a “buy” rating and issued a $30.00 target price (up from $22.00) on shares of Zynerba Pharmaceuticals in a report on Tuesday, March 28th. Oppenheimer Holdings, Inc. set a $29.00 target price on Zynerba Pharmaceuticals and gave the stock a “buy” rating in a report on Saturday, April 1st. Cantor Fitzgerald reiterated a “buy” rating and issued a $28.00 target price on shares of Zynerba Pharmaceuticals in a report on Tuesday, May 9th. Roth Capital upped their target price on Zynerba Pharmaceuticals from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, March 20th. Finally, Canaccord Genuity set a $35.00 target price on Zynerba Pharmaceuticals and gave the stock a “buy” rating in a report on Saturday, May 13th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $31.44.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) opened at 19.8499 on Thursday. Zynerba Pharmaceuticals has a 12-month low of $7.02 and a 12-month high of $25.95. The company’s market cap is $262.99 million. The firm has a 50-day moving average price of $18.43 and a 200-day moving average price of $19.41.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last issued its earnings results on Tuesday, May 9th. The company reported ($0.60) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.55) by $0.05. On average, equities research analysts forecast that Zynerba Pharmaceuticals will post ($2.43) earnings per share for the current fiscal year.

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In related news, CFO James E. Fickenscher purchased 5,200 shares of Zynerba Pharmaceuticals stock in a transaction dated Friday, May 12th. The stock was purchased at an average cost of $19.82 per share, with a total value of $103,064.00. Following the transaction, the chief financial officer now owns 12,200 shares in the company, valued at approximately $241,804. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Armando Anido purchased 5,000 shares of Zynerba Pharmaceuticals stock in a transaction dated Monday, May 15th. The stock was bought at an average cost of $19.70 per share, with a total value of $98,500.00. Following the completion of the transaction, the chairman now owns 336,012 shares in the company, valued at approximately $6,619,436.40. The disclosure for this purchase can be found here. Insiders own 10.02% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ZYNE. MARSHALL WACE ASIA Ltd bought a new position in Zynerba Pharmaceuticals during the first quarter valued at approximately $1,645,000. Chartwell Investment Partners LLC bought a new position in Zynerba Pharmaceuticals during the first quarter valued at approximately $1,516,000. Segantii Capital Management Ltd bought a new position in Zynerba Pharmaceuticals during the first quarter valued at approximately $291,000. Laurion Capital Management LP bought a new position in Zynerba Pharmaceuticals during the first quarter valued at approximately $586,000. Finally, Sphera Funds Management LTD. bought a new position in Zynerba Pharmaceuticals during the first quarter valued at approximately $2,010,000. 30.48% of the stock is owned by hedge funds and other institutional investors.

Zynerba Pharmaceuticals Company Profile

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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Analyst Recommendations for Zynerba Pharmaceuticals (NASDAQ:ZYNE)

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