Zynerba Pharmaceuticals Inc. (ZYNE) Stock Rating Lowered by Zacks Investment Research
Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday.
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. “
ZYNE has been the subject of a number of other reports. Roth Capital set a $25.00 price objective on shares of Zynerba Pharmaceuticals and gave the stock a “buy” rating in a report on Tuesday, September 6th. HC Wainwright began coverage on shares of Zynerba Pharmaceuticals in a report on Friday, October 7th. They set a “buy” rating and a $22.00 price objective for the company. Canaccord Genuity reaffirmed a “buy” rating and set a $35.00 price objective on shares of Zynerba Pharmaceuticals in a report on Wednesday, September 7th. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $42.00 price objective on shares of Zynerba Pharmaceuticals in a report on Tuesday, July 26th. Finally, Oppenheimer Holdings Inc. reaffirmed a “buy” rating and set a $29.00 price objective on shares of Zynerba Pharmaceuticals in a report on Tuesday, June 28th. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $27.64.
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Shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) traded down 4.41% during mid-day trading on Wednesday, hitting $12.14. 92,259 shares of the stock were exchanged. The company’s 50-day moving average is $11.28 and its 200-day moving average is $9.18. The firm’s market cap is $111.68 million. Zynerba Pharmaceuticals has a 1-year low of $4.64 and a 1-year high of $21.56.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) last released its quarterly earnings data 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 anticipate that Zynerba Pharmaceuticals will post ($2.54) earnings per share for the current fiscal year.
In related news, insider Suzanne M. Hanlon sold 3,000 shares of the stock in a transaction dated 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 owns 39,893 shares in the company, valued at approximately $420,073.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 10.02% of the company’s stock.
A number of large investors have recently bought and sold shares of the stock. Alpine Partners VI LLC bought a new stake in Zynerba Pharmaceuticals during the second quarter valued at $113,000. Emerald Advisers Inc. PA boosted 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 last quarter. Cormorant Asset Management LLC boosted 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 during the last quarter. Finally, State Street Corp boosted 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 last quarter. 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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