Zacks Investment Research cut shares of Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) from a buy rating to a hold rating in a research report released on Wednesday.
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. “
ZYNE has been the topic of several other reports. Oppenheimer Holdings, Inc. downgraded Zynerba Pharmaceuticals from an outperform rating to a market perform rating in a research report on Monday, August 14th. Cantor Fitzgerald reiterated an overweight rating and set a $28.00 target price on shares of Zynerba Pharmaceuticals in a research report on Tuesday, August 8th. Jefferies Group LLC downgraded Zynerba Pharmaceuticals from a buy rating to a hold rating and lowered their target price for the company from $12.00 to $7.00 in a research report on Tuesday, August 15th. ValuEngine upgraded Zynerba Pharmaceuticals from a strong sell rating to a sell rating in a research report on Friday, September 1st. Finally, HC Wainwright set a $30.00 target price on Zynerba Pharmaceuticals and gave the company a buy rating in a research report on Tuesday, August 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. Zynerba Pharmaceuticals presently has a consensus rating of Hold and a consensus price target of $14.22.
Shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) traded up 2.88% during mid-day trading on Wednesday, reaching $9.66. The company had a trading volume of 303,491 shares. The firm has a 50 day moving average of $8.02 and a 200-day moving average of $8.02. The stock’s market capitalization is $128.06 million. Zynerba Pharmaceuticals has a one year low of $5.42 and a one year high of $25.95.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) last released its earnings results on Tuesday, August 1st. The company reported ($0.64) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.60) by ($0.04). Analysts forecast that Zynerba Pharmaceuticals will post ($2.42) EPS for the current fiscal year.
Several institutional investors have recently made changes to their positions in ZYNE. Bank of New York Mellon Corp lifted its position in shares of Zynerba Pharmaceuticals by 5.5% in the first quarter. Bank of New York Mellon Corp now owns 12,165 shares of the company’s stock valued at $245,000 after acquiring an additional 635 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Zynerba Pharmaceuticals in the first quarter worth about $188,000. MARSHALL WACE ASIA Ltd purchased a new stake in shares of Zynerba Pharmaceuticals in the first quarter worth about $1,645,000. Vanguard Group Inc. lifted its position in shares of Zynerba Pharmaceuticals by 53.9% in the first quarter. Vanguard Group Inc. now owns 425,811 shares of the company’s stock worth $8,559,000 after buying an additional 149,094 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Zynerba Pharmaceuticals by 57.6% in the first quarter. Geode Capital Management LLC now owns 76,015 shares of the company’s stock worth $1,527,000 after buying an additional 27,789 shares in the last quarter. Institutional investors and hedge funds 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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