Zynerba Pharmaceuticals, Inc. (ZYNE) Stock Rating Upgraded by Zacks Investment Research

Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The brokerage currently has a $11.00 target price on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 9.34% from the stock’s current price.

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. “

A number of other equities analysts have also recently commented on ZYNE. Maxim Group set a $32.00 price target on Zynerba Pharmaceuticals and gave the stock a “buy” rating in a report on Monday, June 26th. Jefferies Group LLC reissued a “buy” rating and set a $32.00 price target on shares of Zynerba Pharmaceuticals in a report on Sunday, July 9th. BidaskClub raised Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. HC Wainwright set a $30.00 price target on Zynerba Pharmaceuticals and gave the stock a “buy” rating in a report on Tuesday, August 1st. Finally, Cantor Fitzgerald set a $28.00 price target on Zynerba Pharmaceuticals and gave the stock a “buy” rating in a report on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $14.22.

Zynerba Pharmaceuticals (NASDAQ ZYNE) opened at 9.60 on Thursday. The firm’s 50-day moving average price is $7.85 and its 200 day moving average price is $7.85. Zynerba Pharmaceuticals has a 1-year low of $5.42 and a 1-year high of $25.95. The firm’s market capitalization is $127.27 million.

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 analysts’ consensus estimates of ($0.60) by ($0.04). On average, analysts predict that Zynerba Pharmaceuticals will post ($2.42) EPS for the current year.

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Institutional investors and hedge funds have recently modified their holdings of the business. Nationwide Fund Advisors acquired a new position in Zynerba Pharmaceuticals in the 2nd quarter worth about $110,000. FNY Managed Accounts LLC acquired a new position in Zynerba Pharmaceuticals in the 1st quarter worth about $180,000. The Manufacturers Life Insurance Company acquired a new position in Zynerba Pharmaceuticals in the 2nd quarter worth about $158,000. SG Americas Securities LLC acquired a new position in Zynerba Pharmaceuticals in the 1st quarter worth about $188,000. Finally, Bank of New York Mellon Corp increased its holdings in Zynerba Pharmaceuticals by 5.5% in the 1st 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 in the last quarter. 34.32% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Zynerba Pharmaceuticals (NASDAQ:ZYNE)

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