Zynerba Pharmaceuticals, Inc. (ZYNE) Downgraded by Roth Capital to Neutral
Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) was downgraded by research analysts at Roth Capital from a “buy” rating to a “neutral” rating in a research note issued to investors on Tuesday. They currently have a $7.00 price objective on the stock. Roth Capital’s target price would suggest a potential upside of 11.64% from the stock’s previous close.
A number of other research firms also recently weighed in on ZYNE. Cantor Fitzgerald restated a “buy” rating and set a $28.00 target price on shares of Zynerba Pharmaceuticals in a research report on Tuesday, May 9th. Canaccord Genuity set a $35.00 target price on Zynerba Pharmaceuticals and gave the stock a “buy” rating in a research report on Saturday, May 13th. Maxim Group set a $32.00 price objective on Zynerba Pharmaceuticals and gave the stock a “buy” rating in a research note on Monday, June 26th. Zacks Investment Research raised Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. Finally, BidaskClub raised Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $17.44.
Shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) traded down 6.00% on Tuesday, reaching $6.27. The company had a trading volume of 1,678,805 shares. Zynerba Pharmaceuticals has a one year low of $6.18 and a one year high of $25.95. The firm’s market cap is $83.12 million. The company has a 50-day moving average price of $17.54 and a 200-day moving average price of $19.50. Zynerba Pharmaceuticals also saw unusually large options trading on Monday. Stock traders acquired 7,953 put options on the company. This represents an increase of approximately 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) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by $0.04. On average, analysts expect that Zynerba Pharmaceuticals will post ($2.46) earnings per share for the current fiscal year.
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In related news, Chairman Armando Anido acquired 5,000 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The stock was acquired at an average cost of $19.70 per share, with a total value of $98,500.00. Following the completion of the purchase, the chairman now directly owns 336,012 shares in the company, valued at $6,619,436.40. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James E. Fickenscher acquired 5,200 shares of the firm’s stock in a transaction that occurred on Friday, May 12th. The shares were bought at an average cost of $19.82 per share, with a total value of $103,064.00. Following the completion of the purchase, the chief financial officer now owns 12,200 shares of the company’s stock, valued at $241,804. The disclosure for this purchase can be found here. 10.02% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. FNY Managed Accounts LLC acquired a new position in Zynerba Pharmaceuticals during the first quarter worth about $180,000. SG Americas Securities LLC acquired a new position in Zynerba Pharmaceuticals during the first quarter worth about $188,000. Rhumbline Advisers acquired a new position in Zynerba Pharmaceuticals during the second quarter worth about $232,000. Bank of New York Mellon Corp boosted its position in Zynerba Pharmaceuticals by 5.5% in the first quarter. Bank of New York Mellon Corp now owns 12,165 shares of the company’s stock worth $245,000 after buying an additional 635 shares during the last quarter. Finally, Segantii Capital Management Ltd acquired a new position in Zynerba Pharmaceuticals during the first quarter worth about $291,000. 31.08% of the stock is owned by hedge funds and other institutional investors.
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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