Zynerba Pharmaceuticals (NASDAQ:ZYNE) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) from a hold rating to a buy rating in a research note released on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $4.50 price target on the stock.

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 analysts also recently weighed in on ZYNE. UBS Group reiterated a positive rating on shares of Zynerba Pharmaceuticals in a research report on Monday, September 13th. HC Wainwright reiterated a buy rating and issued a $9.00 price objective on shares of Zynerba Pharmaceuticals in a research report on Tuesday, September 21st. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of Buy and an average target price of $9.35.

Zynerba Pharmaceuticals stock opened at $4.12 on Wednesday. The firm’s 50-day moving average is $4.26 and its 200-day moving average is $4.61. Zynerba Pharmaceuticals has a 1 year low of $3.15 and a 1 year high of $9.00. The company has a market cap of $169.96 million, a P/E ratio of -3.78 and a beta of 2.40.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last issued its quarterly earnings data on Monday, August 9th. The company reported ($0.25) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.22) by ($0.03). As a group, equities analysts expect that Zynerba Pharmaceuticals will post -1.07 EPS for the current year.

Hedge funds have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. raised its position in shares of Zynerba Pharmaceuticals by 117.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 113,104 shares of the company’s stock worth $526,000 after buying an additional 61,080 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of Zynerba Pharmaceuticals during the 1st quarter worth about $67,000. Geode Capital Management LLC raised its position in shares of Zynerba Pharmaceuticals by 41.5% during the 1st quarter. Geode Capital Management LLC now owns 238,923 shares of the company’s stock worth $1,110,000 after buying an additional 70,113 shares in the last quarter. Davy Global Fund Management Ltd raised its position in shares of Zynerba Pharmaceuticals by 33.4% during the 2nd quarter. Davy Global Fund Management Ltd now owns 962,632 shares of the company’s stock worth $5,092,000 after buying an additional 241,045 shares in the last quarter. Finally, BlackRock Inc. raised its position in shares of Zynerba Pharmaceuticals by 46.6% during the 1st quarter. BlackRock Inc. now owns 595,021 shares of the company’s stock worth $2,766,000 after buying an additional 189,103 shares in the last quarter. Institutional investors own 35.51% of the company’s stock.

About Zynerba Pharmaceuticals

Zynerba Pharmaceuticals, Inc engages in the provision of pharmaceutically-produced transdermal cannabinoid therapies. It focuses on research and development of rare and near-rare neuropsychiatric conditions. The firm offers Zygel product, which formulated as a permeation-enhanced gel for transdermal delivery.

Further Reading: Capital gains and your 401(k) or IRA

Get a free copy of the Zacks research report on Zynerba Pharmaceuticals (ZYNE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Zynerba Pharmaceuticals (NASDAQ:ZYNE)

Receive News & Ratings for Zynerba Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Zynerba Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.