Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE) Given Average Rating of “Buy” by Analysts
Shares of Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE) have received an average recommendation of “Buy” from the seven brokerages that are currently covering the stock. One investment analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $30.83.
A number of brokerages have weighed in on ZYNE. HC Wainwright began coverage on Zynerba Pharmaceuticals in a report on Friday. They issued a “buy” rating and a $22.00 target price for the company. Canaccord Genuity reiterated a “buy” rating and issued a $35.00 target price on shares of Zynerba Pharmaceuticals in a report on Wednesday, September 7th. Roth Capital set a $25.00 target price on Zynerba Pharmaceuticals and gave the stock a “buy” rating in a report on Tuesday, September 6th. Zacks Investment Research downgraded Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, August 16th. Finally, Piper Jaffray Cos. reiterated an “overweight” rating and issued a $42.00 target price on shares of Zynerba Pharmaceuticals in a report on Friday, August 12th.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) traded up 4.7148% during midday trading on Friday, hitting $13.8433. The stock had a trading volume of 681,457 shares. The stock’s market capitalization is $127.34 million. The stock’s 50-day moving average is $11.00 and its 200-day moving average is $9.13. Zynerba Pharmaceuticals has a 1-year low of $4.64 and a 1-year high of $21.56.
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Zynerba Pharmaceuticals (NASDAQ:ZYNE) last issued its quarterly earnings data on Thursday, August 11th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.53) by $0.18. Zynerba Pharmaceuticals had a negative return on equity of 51.49% and a negative net margin of 5,681.48%. On average, equities research analysts anticipate that Zynerba Pharmaceuticals will post ($2.54) EPS for the current fiscal year.
In other news, insider Suzanne M. Hanlon sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $10.53, for a total transaction of $31,590.00. Following the completion of the sale, the insider now owns 39,893 shares in the company, valued at $420,073.29. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 10.02% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Cormorant Asset Management LLC increased its stake in Zynerba Pharmaceuticals by 33.2% in the first quarter. Cormorant Asset Management LLC now owns 475,035 shares of the company’s stock valued at $4,489,000 after buying an additional 118,435 shares in the last quarter. Emerald Advisers Inc. PA boosted its position in shares of Zynerba Pharmaceuticals by 5.6% in the second quarter. Emerald Advisers Inc. PA now owns 176,514 shares of the company’s stock valued at $1,209,000 after buying an additional 9,329 shares during the last quarter. State Street Corp boosted its position in shares of Zynerba Pharmaceuticals by 1.5% in the first quarter. State Street Corp now owns 37,629 shares of the company’s stock valued at $356,000 after buying an additional 562 shares during the last quarter. Finally, Alpine Partners VI LLC bought a new position in shares of Zynerba Pharmaceuticals during the second quarter valued at about $113,000. Hedge funds and other institutional investors own 23.78% of the company’s stock.
About Zynerba Pharmaceuticals
Zynerba Pharmaceuticals, Inc is a specialty pharmaceutical company focused on developing and commercializing synthetic cannabinoid therapeutics formulated for transdermal delivery. The Company is evaluating approximately two product candidates, ZYN002 and ZYN001, in over five indications, including refractory epilepsy, Fragile X syndrome (FXS), osteoarthritis (OA), fibromyalgia and peripheral neuropathic pain.
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