Zacks Investment Research upgraded shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) from a hold rating to a buy rating in a report released on Thursday, March 15th. They currently have $12.00 price objective 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. “
ZYNE has been the subject of several other reports. HC Wainwright set a $23.00 price target on shares of Zynerba Pharmaceuticals and gave the company a buy rating in a research report on Tuesday, March 13th. Oppenheimer reaffirmed a hold rating on shares of Zynerba Pharmaceuticals in a research report on Tuesday, March 13th. Cantor Fitzgerald set a $20.00 price target on shares of Zynerba Pharmaceuticals and gave the stock a buy rating in a report on Monday, March 12th. Seaport Global Securities reiterated a buy rating on shares of Zynerba Pharmaceuticals in a report on Tuesday, March 13th. Finally, Ladenburg Thalmann initiated coverage on shares of Zynerba Pharmaceuticals in a research note on Monday, January 29th. They set a buy rating and a $25.50 price objective on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $17.86.
ZYNE stock traded down $0.31 during mid-day trading on Thursday, reaching $8.82. 153,029 shares of the stock traded hands, compared to its average volume of 315,577. The stock has a market capitalization of $123.82, a price-to-earnings ratio of -3.56 and a beta of 4.94. 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 quarterly earnings data on Monday, March 12th. The company reported ($0.60) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.60). During the same quarter in the previous year, the business earned ($0.71) earnings per share. equities research analysts forecast that Zynerba Pharmaceuticals will post -2.63 earnings per share for the current fiscal year.
In other Zynerba Pharmaceuticals news, major shareholder Michael Rapp acquired 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 22nd. The stock was purchased at an average cost of $9.28 per share, with a total value of $92,800.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 9.91% of the stock is owned by insiders.
Several large investors have recently modified their holdings of ZYNE. Nationwide Fund Advisors acquired a new stake in shares of Zynerba Pharmaceuticals during the 2nd quarter worth about $110,000. Zeke Capital Advisors LLC acquired a new position in Zynerba Pharmaceuticals in the 3rd quarter valued at about $114,000. The Manufacturers Life Insurance Company acquired a new position in Zynerba Pharmaceuticals in the 2nd quarter valued at about $158,000. Cowen Inc. acquired a new position in Zynerba Pharmaceuticals in the 3rd quarter valued at about $167,000. Finally, New York State Common Retirement Fund acquired a new position in Zynerba Pharmaceuticals in the 2nd quarter valued at about $207,000. 28.92% of the stock is owned by hedge funds and other institutional investors.
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Zynerba Pharmaceuticals Company Profile
Zynerba Pharmaceuticals, Inc operates as a clinical stage specialty pharmaceutical company. The company focuses on developing and commercializing pharmaceutically-produced transdermal cannabinoid treatments for rare or near-rare neuropsychiatric disorders. Its product candidates include ZYN002, which completed Phase II clinical trial for pediatric and adolescent patients with fragile X syndrome, pediatric and adolescent patients with developmental and epileptic encephalopathies, and adult patients with refractory epileptic focal seizures; and ZYN001 that is in Phase I clinical trial to treat Tourette syndrome.
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