Zynerba Pharmaceuticals (ZYNE) Shares Gap Up to $13.22

Shares of Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE) gapped up before the market opened on Wednesday . The stock had previously closed at $13.21, but opened at $13.22. Zynerba Pharmaceuticals shares last traded at $13.70, with a volume of 1607088 shares.

Several brokerages have recently issued reports on ZYNE. ValuEngine cut Zynerba Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Monday, February 4th. Roth Capital began coverage on Zynerba Pharmaceuticals in a research note on Tuesday, April 30th. They set a “buy” rating and a $36.00 target price for the company. Cantor Fitzgerald restated a “buy” rating and set a $11.00 target price on shares of Zynerba Pharmaceuticals in a research note on Thursday, March 7th. Zacks Investment Research upgraded Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating and set a $4.50 target price for the company in a research note on Saturday, January 19th. Finally, HC Wainwright restated a “buy” rating on shares of Zynerba Pharmaceuticals in a research note on Monday, March 18th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $18.52.

The stock has a market capitalization of $286.69 million, a P/E ratio of -5.38 and a beta of 5.62.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last released its quarterly earnings results on Wednesday, May 8th. The company reported ($0.47) EPS for the quarter, topping the consensus estimate of ($0.49) by $0.02. As a group, research analysts expect that Zynerba Pharmaceuticals Inc will post -2.1 EPS for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Deutsche Bank AG increased its holdings in shares of Zynerba Pharmaceuticals by 17,314.3% in the fourth quarter. Deutsche Bank AG now owns 279,500 shares of the company’s stock valued at $830,000 after purchasing an additional 277,895 shares during the period. Campbell Capital Management Inc. acquired a new position in Zynerba Pharmaceuticals during the fourth quarter worth $510,000. Vanguard Group Inc grew its holdings in Zynerba Pharmaceuticals by 23.8% during the third quarter. Vanguard Group Inc now owns 651,400 shares of the company’s stock worth $5,316,000 after acquiring an additional 125,327 shares during the period. Vanguard Group Inc. grew its holdings in Zynerba Pharmaceuticals by 23.8% during the third quarter. Vanguard Group Inc. now owns 651,400 shares of the company’s stock worth $5,316,000 after acquiring an additional 125,327 shares during the period. Finally, BlackRock Inc. grew its holdings in Zynerba Pharmaceuticals by 25.2% during the third quarter. BlackRock Inc. now owns 298,355 shares of the company’s stock worth $2,435,000 after acquiring an additional 59,998 shares during the period. 11.89% of the stock is currently owned by institutional investors.

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About Zynerba Pharmaceuticals (NASDAQ:ZYNE)

Zynerba Pharmaceuticals, Inc operates as a clinical stage specialty pharmaceutical company. It focuses on developing pharmaceutically-produced transdermal cannabinoid therapies for rare and near-rare neuropsychiatric disorders. The company is developing Zygel, a transdermal cannabidiol gel, which is in Phase II clinical trial for treating children and adolescent patients with developmental and epileptic encephalopathies; is in Phase II/III clinical trial to treat children and adolescent patients with fragile X syndrome; and is in Phase II clinical trial for treating children and adolescent patients with autism spectrum disorder.

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