Zynerba Pharmaceuticals Inc. (ZYNE) Coverage Initiated at HC Wainwright
Research analysts at HC Wainwright assumed coverage on shares of Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE) in a note issued to investors on Friday. The firm set a “buy” rating and a $22.00 price target on the stock. HC Wainwright’s target price points to a potential upside of 66.41% from the company’s previous close.
Other equities analysts have also recently issued reports about the company. Canaccord Genuity set a $35.00 price objective on Zynerba Pharmaceuticals and gave the company a “buy” rating in a research report on Tuesday, August 16th. Zacks Investment Research raised Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating and set a $8.50 price objective on the stock in a research report on Tuesday, July 19th. Oppenheimer Holdings Inc. reaffirmed a “buy” rating and issued a $29.00 price objective on shares of Zynerba Pharmaceuticals in a research report on Tuesday, June 28th. Roth Capital set a $25.00 price objective on Zynerba Pharmaceuticals and gave the company a “buy” rating in a research report on Tuesday, September 6th. Finally, Piper Jaffray Cos. reaffirmed an “overweight” rating and issued a $42.00 price objective on shares of Zynerba Pharmaceuticals in a research report on Friday, August 12th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $27.64.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) traded up 6.2511% during trading on Friday, hitting $14.0464. The stock had a trading volume of 605,776 shares. The company has a 50-day moving average price of $11.00 and a 200-day moving average price of $9.13. Zynerba Pharmaceuticals has a 52-week low of $4.64 and a 52-week high of $21.56. The company’s market cap is $129.21 million.
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Zynerba Pharmaceuticals (NASDAQ:ZYNE) last issued its quarterly earnings results on Thursday, August 11th. The company reported ($0.70) EPS for the quarter, missing analysts’ consensus estimates 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%. Equities research analysts forecast that Zynerba Pharmaceuticals will post ($2.54) EPS for the current year.
In other Zynerba Pharmaceuticals news, insider Suzanne M. Hanlon sold 3,000 shares of the business’s stock in a transaction on Tuesday, August 16th. The shares were 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 directly owns 39,893 shares in the company, valued at approximately $420,073.29. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 10.02% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Cormorant Asset Management LLC raised its stake in shares of Zynerba Pharmaceuticals by 33.2% in the first quarter. Cormorant Asset Management LLC now owns 475,035 shares of the company’s stock worth $4,489,000 after buying an additional 118,435 shares in the last quarter. Alpine Partners VI LLC bought a new stake in Zynerba Pharmaceuticals during the second quarter valued at approximately $113,000. Emerald Advisers Inc. PA raised its stake in 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 period. Finally, State Street Corp raised its stake in 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 period. Institutional investors and hedge funds 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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