Zacks Investment Research downgraded shares of Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) from a hold rating to a sell rating in a research report report published on Saturday.
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 brokerages have also commented on ZYNE. Oppenheimer Holdings, Inc. set a $8.00 price objective on Zynerba Pharmaceuticals and gave the company a buy rating in a report on Monday, August 7th. Maxim Group set a $32.00 price objective on Zynerba Pharmaceuticals and gave the company a buy rating in a report on Tuesday, August 1st. CIBC reaffirmed a market perform rating on shares of Zynerba Pharmaceuticals in a report on Tuesday, August 15th. Piper Jaffray Companies raised Zynerba Pharmaceuticals from a neutral rating to an overweight rating and upped their price objective for the company from $7.00 to $16.00 in a report on Thursday, September 28th. Finally, Canaccord Genuity upped their price objective on Zynerba Pharmaceuticals from $9.00 to $15.00 and gave the company a buy rating in a report on Friday, September 29th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. The company has an average rating of Hold and an average price target of $14.67.
Zynerba Pharmaceuticals (ZYNE) opened at $14.17 on Friday. Zynerba Pharmaceuticals has a 1-year low of $5.42 and a 1-year high of $25.95.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) last issued its quarterly earnings data on Tuesday, November 14th. The company reported ($0.63) EPS for the quarter, missing analysts’ consensus estimates of ($0.58) by ($0.05). During the same quarter in the previous year, the business earned ($0.67) earnings per share. equities research analysts anticipate that Zynerba Pharmaceuticals will post -2.46 EPS for the current year.
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In related news, major shareholder Michael Rapp bought 25,745 shares of Zynerba Pharmaceuticals stock in a transaction dated Monday, October 23rd. The shares were bought at an average cost of $9.94 per share, with a total value of $255,905.30. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 10.02% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Perceptive Advisors LLC grew its holdings in shares of Zynerba Pharmaceuticals by 230.7% during the 3rd quarter. Perceptive Advisors LLC now owns 130,700 shares of the company’s stock worth $1,320,000 after purchasing an additional 230,700 shares in the last quarter. Cowen Inc. acquired a new stake in shares of Zynerba Pharmaceuticals during the 3rd quarter worth $167,000. RTW Investments LP acquired a new stake in shares of Zynerba Pharmaceuticals during the 3rd quarter worth $1,672,000. Granite Point Capital Management L.P. grew its holdings in shares of Zynerba Pharmaceuticals by 47.9% during the 3rd quarter. Granite Point Capital Management L.P. now owns 200,000 shares of the company’s stock worth $1,672,000 after purchasing an additional 64,800 shares in the last quarter. Finally, Engineers Gate Manager LP acquired a new stake in shares of Zynerba Pharmaceuticals during the 3rd quarter worth $263,000. 23.59% 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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