Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) had its target price raised by investment analysts at Piper Jaffray Companies from $16.00 to $20.00 in a report issued on Tuesday. Piper Jaffray Companies’ price target would indicate a potential upside of 65.15% from the stock’s previous close.

Other analysts have also issued research reports about the company. Zacks Investment Research upgraded Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. Oppenheimer Holdings, Inc. lowered Zynerba Pharmaceuticals from an “outperform” rating to a “market perform” rating in a report on Monday, August 14th. HC Wainwright lowered Zynerba Pharmaceuticals from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $30.00 to $7.00 in a report on Tuesday, August 8th. Roth Capital lowered Zynerba Pharmaceuticals from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $30.00 to $7.00 in a report on Tuesday, August 8th. Finally, Jefferies Group LLC lowered Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating and lowered their target price for the stock from $12.00 to $7.00 in a report on Tuesday, August 15th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $14.67.

Shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) traded down $0.33 during midday trading on Tuesday, hitting $12.11. The company had a trading volume of 892,600 shares, compared to its average volume of 649,127. Zynerba Pharmaceuticals has a 12-month low of $5.42 and a 12-month high of $25.95.

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In other Zynerba Pharmaceuticals news, major shareholder Michael Rapp purchased 44,255 shares of Zynerba Pharmaceuticals stock in a transaction dated Thursday, October 19th. The shares were acquired at an average cost of $9.59 per share, with a total value of $424,405.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 10.02% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Nationwide Fund Advisors acquired a new position in shares of Zynerba Pharmaceuticals during the second quarter worth $110,000. Zeke Capital Advisors LLC acquired a new position in shares of Zynerba Pharmaceuticals during the third quarter worth $114,000. The Manufacturers Life Insurance Company acquired a new position in shares of Zynerba Pharmaceuticals during the second quarter worth $158,000. Cowen Inc. acquired a new position in shares of Zynerba Pharmaceuticals during the third quarter worth $167,000. Finally, New York State Common Retirement Fund acquired a new position in shares of Zynerba Pharmaceuticals during the second quarter worth $207,000. 34.72% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Zynerba Pharmaceuticals (NASDAQ:ZYNE)

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