Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday.

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. “

Several other analysts have also recently commented on ZYNE. Roth Capital boosted their price target on shares of Zynerba Pharmaceuticals from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, March 20th. Cantor Fitzgerald set a $28.00 price target on shares of Zynerba Pharmaceuticals and gave the stock a “buy” rating in a research note on Monday, March 27th. HC Wainwright reiterated a “buy” rating and issued a $30.00 price target (up previously from $22.00) on shares of Zynerba Pharmaceuticals in a research note on Tuesday, March 28th. Oppenheimer Holdings, Inc. set a $29.00 price target on shares of Zynerba Pharmaceuticals and gave the stock a “buy” rating in a research note on Saturday, April 1st. Finally, Canaccord Genuity set a $35.00 price target on shares of Zynerba Pharmaceuticals and gave the stock a “buy” rating in a research note on Saturday, May 13th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $31.44.

Shares of Zynerba Pharmaceuticals (ZYNE) traded down 1.68% during midday trading on Thursday, hitting $18.74. The company had a trading volume of 382,214 shares. Zynerba Pharmaceuticals has a 1-year low of $7.02 and a 1-year high of $25.95. The stock has a 50 day moving average price of $18.43 and a 200 day moving average price of $19.41. The firm’s market capitalization is $248.29 million.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last announced its quarterly earnings results on Tuesday, May 9th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.55) by $0.05. On average, equities analysts anticipate that Zynerba Pharmaceuticals will post ($2.43) EPS for the current fiscal year.

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In other news, Chairman Armando Anido purchased 5,000 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The shares were bought at an average cost of $19.70 per share, for a total transaction of $98,500.00. Following the acquisition, the chairman now owns 336,012 shares of the company’s stock, valued at approximately $6,619,436.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James E. Fickenscher purchased 5,200 shares of the business’s stock in a transaction that occurred on Friday, May 12th. The shares were purchased at an average price of $19.82 per share, for a total transaction of $103,064.00. Following the completion of the acquisition, the chief financial officer now directly owns 12,200 shares in the company, valued at approximately $241,804. The disclosure for this purchase can be found here. 10.02% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently modified their holdings of ZYNE. GSA Capital Partners LLP purchased a new position in shares of Zynerba Pharmaceuticals during the fourth quarter valued at approximately $214,000. Putnam Investments LLC purchased a new position in shares of Zynerba Pharmaceuticals during the fourth quarter valued at approximately $725,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Zynerba Pharmaceuticals during the first quarter valued at approximately $410,000. Bluestein R H & Co. purchased a new position in shares of Zynerba Pharmaceuticals during the first quarter valued at approximately $942,000. Finally, Granite Point Capital Management L.P. purchased a new position in shares of Zynerba Pharmaceuticals during the first quarter valued at approximately $1,990,000. Institutional investors own 30.44% of the company’s stock.

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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Analyst Recommendations for Zynerba Pharmaceuticals (NASDAQ:ZYNE)

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