Zacks Investment Research upgraded shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) from a hold rating to a buy rating in a research report released on Thursday. They currently have $12.00 price target 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. “
A number of other brokerages have also weighed in on ZYNE. Canaccord Genuity set a $18.00 price objective on Zynerba Pharmaceuticals and gave the company a buy rating in a report on Monday, December 4th. Cantor Fitzgerald set a $17.00 price target on Zynerba Pharmaceuticals and gave the stock a buy rating in a research note on Monday, December 4th. Oppenheimer reissued a hold rating on shares of Zynerba Pharmaceuticals in a research note on Wednesday, January 3rd. HC Wainwright reissued a buy rating and set a $23.00 price target on shares of Zynerba Pharmaceuticals in a research note on Thursday, February 1st. Finally, Ladenburg Thalmann Financial Services initiated coverage on Zynerba Pharmaceuticals in a research note on Monday, January 29th. They set a buy rating and a $25.50 price target on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of Buy and an average price target of $17.86.
Shares of Zynerba Pharmaceuticals (NASDAQ ZYNE) opened at $9.42 on Thursday. Zynerba Pharmaceuticals has a twelve month low of $5.42 and a twelve month high of $25.95. The firm has a market capitalization of $137.92, a P/E ratio of -3.81 and a beta of 5.06.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) last announced its quarterly earnings data on Monday, March 12th. The company reported ($0.60) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.60). During the same period in the previous year, the business posted ($0.71) earnings per share. analysts predict that Zynerba Pharmaceuticals will post -2.63 earnings per share for the current year.
In related news, major shareholder Michael Rapp bought 15,000 shares of Zynerba Pharmaceuticals stock in a transaction that occurred on Tuesday, January 2nd. The shares were purchased at an average price of $12.99 per share, with a total value of $194,850.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 9.91% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of the stock. Alliancebernstein L.P. purchased a new stake in Zynerba Pharmaceuticals in the 4th quarter valued at approximately $264,000. BlackRock Inc. lifted its stake in Zynerba Pharmaceuticals by 1.1% in the 4th quarter. BlackRock Inc. now owns 678,697 shares of the company’s stock valued at $8,497,000 after buying an additional 7,091 shares in the last quarter. Perceptive Advisors LLC lifted its stake in Zynerba Pharmaceuticals by 230.7% in the 3rd quarter. Perceptive Advisors LLC now owns 130,700 shares of the company’s stock valued at $1,320,000 after buying an additional 230,700 shares in the last quarter. Cowen Inc. purchased a new stake in Zynerba Pharmaceuticals in the 3rd quarter valued at approximately $167,000. Finally, RTW Investments LP purchased a new stake in Zynerba Pharmaceuticals in the 3rd quarter valued at approximately $1,672,000. 29.07% of the stock is currently owned by hedge funds and other institutional investors.
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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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