Zynerba Pharmaceuticals, Inc. (ZYNE) Lowered to Hold at Maxim Group
Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) was downgraded by stock analysts at Maxim Group from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, Marketbeat Ratings reports.
Other equities research analysts have also recently issued reports about the company. Zacks Investment Research cut Zynerba Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday. Jefferies Group LLC reiterated a “buy” rating and issued a $32.00 price target on shares of Zynerba Pharmaceuticals in a research note on Thursday, May 25th. Cantor Fitzgerald reiterated a “buy” rating and issued a $28.00 price target on shares of Zynerba Pharmaceuticals in a research note on Tuesday, May 9th. BidaskClub upgraded Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, HC Wainwright set a $30.00 price target on Zynerba Pharmaceuticals and gave the company a “buy” rating in a research note on Tuesday, August 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $31.44.
Zynerba Pharmaceuticals (ZYNE) traded down 55.71% during trading on Monday, reaching $6.67. The company’s stock had a trading volume of 8,995,955 shares. The stock’s market cap is $88.42 million. Zynerba Pharmaceuticals has a 52-week low of $5.93 and a 52-week high of $25.95. The firm’s 50-day moving average is $17.81 and its 200-day moving average is $19.61.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) last issued its quarterly earnings data on Tuesday, August 1st. The company reported ($0.64) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by $0.04. Equities research analysts forecast that Zynerba Pharmaceuticals will post ($2.46) EPS for the current year.
In other news, CFO James E. Fickenscher acquired 5,200 shares of the stock in a transaction on Friday, May 12th. The stock was acquired at an average cost of $19.82 per share, for a total transaction of $103,064.00. Following the completion of the transaction, the chief financial officer now directly owns 12,200 shares in the company, valued at $241,804. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Armando Anido acquired 5,000 shares of the stock in a transaction on Monday, May 15th. The shares were purchased at an average price of $19.70 per share, with a total value of $98,500.00. Following the completion of the transaction, the chairman now owns 336,012 shares of the company’s stock, valued at $6,619,436.40. The disclosure for this purchase can be found here. 10.02% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in ZYNE. Marshall Wace North America L.P. purchased a new position in shares of Zynerba Pharmaceuticals during the first quarter valued at approximately $9,362,000. Vanguard Group Inc. increased its position in shares of Zynerba Pharmaceuticals by 53.9% in the first quarter. Vanguard Group Inc. now owns 425,811 shares of the company’s stock valued at $8,559,000 after buying an additional 149,094 shares in the last quarter. Pennsylvania Trust Co purchased a new position in shares of Zynerba Pharmaceuticals during the second quarter valued at approximately $2,366,000. Sphera Funds Management LTD. purchased a new position in shares of Zynerba Pharmaceuticals during the first quarter valued at approximately $2,010,000. 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 and hedge funds own 31.08% 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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