Zynerba Pharmaceuticals’ (ZYNE) Buy Rating Reaffirmed at Jefferies Group LLC
Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE)‘s stock had its “buy” rating reissued by equities researchers at Jefferies Group LLC in a report released on Wednesday. They currently have a $12.00 price target on the stock, down from their previous price target of $32.00. Jefferies Group LLC’s target price indicates a potential upside of 57.89% from the company’s previous close.
Other equities research analysts have also recently issued reports about the company. Canaccord Genuity set a $35.00 target price on Zynerba Pharmaceuticals and gave the stock a “buy” rating in a research note on Saturday, May 13th. Roth Capital set a $30.00 target price on Zynerba Pharmaceuticals and gave the stock a “buy” rating in a research note on Saturday, May 13th. Cantor Fitzgerald reissued a “buy” rating and issued a $28.00 target price on shares of Zynerba Pharmaceuticals in a research note on Tuesday, May 9th. Maxim Group set a $32.00 target price on Zynerba Pharmaceuticals and gave the stock a “buy” rating in a research note on Monday, June 26th. Finally, HC Wainwright set a $30.00 target price on Zynerba Pharmaceuticals and gave the stock a “buy” rating in a research note on Tuesday, August 1st. Two analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $17.89.
Zynerba Pharmaceuticals (ZYNE) traded up 21.21% during trading on Wednesday, reaching $7.60. 4,310,435 shares of the company’s stock were exchanged. Zynerba Pharmaceuticals has a 12 month low of $6.20 and a 12 month high of $25.95. The firm has a 50 day moving average of $17.54 and a 200-day moving average of $19.50. The stock’s market cap is $100.75 million. Zynerba Pharmaceuticals also was the recipient of unusually large options trading on Monday. Stock traders bought 7,953 put options on the company. This is an increase of 726% compared to the typical daily volume of 963 put options.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) last released its earnings results on Tuesday, August 1st. The company reported ($0.64) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by $0.04. On average, equities research analysts anticipate that Zynerba Pharmaceuticals will post ($2.46) earnings per share for the current fiscal year.
In other Zynerba Pharmaceuticals news, CFO James E. Fickenscher acquired 5,200 shares of the company’s stock in a transaction that occurred on Friday, May 12th. The shares were bought at an average cost of $19.82 per share, with a total value of $103,064.00. Following the completion of the transaction, the chief financial officer now directly owns 12,200 shares of the company’s stock, valued at approximately $241,804. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Armando Anido acquired 5,000 shares of the company’s stock in a transaction that occurred on Monday, May 15th. The shares were acquired at an average cost of $19.70 per share, for a total transaction of $98,500.00. Following the completion of the transaction, the chairman now directly owns 336,012 shares of the company’s stock, valued at $6,619,436.40. The disclosure for this purchase can be found here. Company insiders own 10.02% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Marshall Wace North America L.P. acquired a new stake in Zynerba Pharmaceuticals during the first quarter valued at approximately $9,362,000. JPMorgan Chase & Co. boosted its stake in Zynerba Pharmaceuticals by 65,190.0% in the second quarter. JPMorgan Chase & Co. now owns 326,450 shares of the company’s stock valued at $5,539,000 after buying an additional 325,950 shares during the period. Vanguard Group Inc. boosted its stake in Zynerba Pharmaceuticals by 53.9% in the first quarter. Vanguard Group Inc. now owns 425,811 shares of the company’s stock valued at $8,559,000 after buying an additional 149,094 shares during the period. Pennsylvania Trust Co acquired a new stake in Zynerba Pharmaceuticals during the second quarter valued at approximately $2,366,000. Finally, Sphera Funds Management LTD. acquired a new stake in Zynerba Pharmaceuticals during the first quarter valued at approximately $2,010,000. 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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