Zynerba Pharmaceuticals (NASDAQ:ZYNE)‘s stock had its “buy” rating restated by stock analysts at HC Wainwright in a report issued on Thursday, MarketBeat.com reports. They presently have a $23.00 price target on the stock. HC Wainwright’s target price suggests a potential upside of 92.31% from the company’s previous close.
Several other equities research analysts also recently issued reports on ZYNE. Oppenheimer reissued a “hold” rating on shares of Zynerba Pharmaceuticals in a research report on Tuesday, November 14th. Zacks Investment Research downgraded shares of Zynerba Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, November 18th. Cantor Fitzgerald set a $17.00 price objective on shares of Zynerba Pharmaceuticals and gave the stock a “buy” rating in a research report on Monday, November 20th. Canaccord Genuity set a $18.00 price objective on shares of Zynerba Pharmaceuticals and gave the stock a “buy” rating in a research report on Monday, December 4th. Finally, Piper Jaffray Companies increased their price objective on shares of Zynerba Pharmaceuticals from $16.00 to $20.00 in a research report on Tuesday, November 14th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the stock. Zynerba Pharmaceuticals currently has an average rating of “Hold” and an average target price of $17.50.
Shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) traded down $0.13 during trading hours on Thursday, reaching $11.96. 196,933 shares of the company’s stock traded hands, compared to its average volume of 380,763. Zynerba Pharmaceuticals has a 1 year low of $5.42 and a 1 year high of $25.95. The company has a market capitalization of $168.48, a P/E ratio of -4.64 and a beta of 5.82.
In related news, major shareholder Michael Rapp acquired 15,000 shares of the stock in a transaction dated Tuesday, January 2nd. The stock was bought at an average price of $12.99 per share, with a total value of $194,850.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 9.91% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Engineers Gate Manager LP bought a new position in Zynerba Pharmaceuticals in the third quarter valued at $263,000. Virtu KCG Holdings LLC bought a new position in Zynerba Pharmaceuticals in the second quarter valued at $535,000. Teachers Advisors LLC bought a new position in Zynerba Pharmaceuticals in the second quarter valued at $341,000. Perceptive Advisors LLC grew its position in Zynerba Pharmaceuticals by 230.7% in the third quarter. Perceptive Advisors LLC now owns 130,700 shares of the company’s stock valued at $1,320,000 after purchasing an additional 230,700 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position 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 purchasing an additional 23,364 shares in the last quarter. 26.42% 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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