Cantor Fitzgerald Reiterates Overweight Rating for Zynerba Pharmaceuticals, Inc. (ZYNE)
Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE)‘s stock had its “overweight” rating reiterated by equities research analysts at Cantor Fitzgerald in a research note issued to investors on Tuesday. They presently have a $28.00 price objective on the stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 346.57% from the company’s previous close.
ZYNE has been the subject of a number of other reports. Roth Capital set a $30.00 price target on Zynerba Pharmaceuticals and gave the stock a “buy” rating in a report on Saturday, May 13th. Canaccord Genuity set a $35.00 price target on Zynerba Pharmaceuticals and gave the stock a “buy” rating in a report on Saturday, May 13th. Maxim Group set a $32.00 price target on Zynerba Pharmaceuticals and gave the stock a “buy” rating in a report on Monday, June 26th. Zacks Investment Research raised Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Thursday, July 13th. Finally, BidaskClub raised Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. Zynerba Pharmaceuticals presently has a consensus rating of “Hold” and a consensus price target of $20.11.
Shares of Zynerba Pharmaceuticals (NASDAQ ZYNE) traded down 6.00% during midday trading on Tuesday, hitting $6.27. The company had a trading volume of 1,681,368 shares. The company has a 50-day moving average of $17.54 and a 200 day moving average of $19.50. The firm’s market capitalization is $83.12 million. Zynerba Pharmaceuticals has a 12 month low of $6.18 and a 12 month high of $25.95. Zynerba Pharmaceuticals also was the recipient of unusually large options trading on Monday. Stock traders bought 7,953 put options on the stock. This is an increase of 726% compared to the average daily volume of 963 put options.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) last released its earnings results on Tuesday, August 1st. The company reported ($0.64) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.60) by $0.04. On average, analysts expect that Zynerba Pharmaceuticals will post ($2.46) EPS for the current fiscal year.
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In other news, CFO James E. Fickenscher bought 5,200 shares of Zynerba Pharmaceuticals stock in a transaction dated Friday, May 12th. The stock was acquired at an average cost of $19.82 per share, with a total value of $103,064.00. Following the acquisition, the chief financial officer now owns 12,200 shares of the company’s stock, valued at $241,804. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Armando Anido bought 5,000 shares of Zynerba Pharmaceuticals stock in a transaction dated Monday, May 15th. The stock was purchased at an average cost of $19.70 per share, with a total value of $98,500.00. Following the completion of the acquisition, the chairman now directly owns 336,012 shares in the company, valued at approximately $6,619,436.40. The disclosure for this purchase can be found here. 10.02% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the stock. Chartwell Investment Partners LLC increased its stake in Zynerba Pharmaceuticals by 19.9% in the second quarter. Chartwell Investment Partners LLC now owns 90,378 shares of the company’s stock valued at $1,534,000 after buying an additional 14,978 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Zynerba Pharmaceuticals by 192.1% in the second quarter. Bank of New York Mellon Corp now owns 35,529 shares of the company’s stock valued at $602,000 after buying an additional 23,364 shares during the last quarter. Rhumbline Advisers purchased a new stake in Zynerba Pharmaceuticals during the second quarter valued at $232,000. Schwab Charles Investment Management Inc. purchased a new stake in Zynerba Pharmaceuticals during the second quarter valued at $326,000. Finally, Rothschild Investment Corp IL increased its stake in Zynerba Pharmaceuticals by 25.1% in the second quarter. Rothschild Investment Corp IL now owns 57,070 shares of the company’s stock valued at $968,000 after buying an additional 11,450 shares during the last quarter. 31.08% of the stock is owned by institutional investors and hedge funds.
Zynerba Pharmaceuticals Company Profile
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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