Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE) dropped 5.8% on Wednesday . The stock traded as low as $9.51 and last traded at $9.52, with a volume of 175,623 shares trading hands. The stock had previously closed at $10.11.

ZYNE has been the subject of several recent research reports. Zacks Investment Research raised Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating and set a $8.50 price target for the company in a research note on Tuesday, July 19th. Oppenheimer Holdings Inc. reaffirmed a “buy” rating on shares of Zynerba Pharmaceuticals in a research note on Tuesday, May 3rd. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $42.00 target price on shares of Zynerba Pharmaceuticals in a research note on Tuesday, July 26th. Finally, Canaccord Genuity reaffirmed a “buy” rating on shares of Zynerba Pharmaceuticals in a research note on Monday, April 18th. Six equities research analysts have rated the stock with a buy rating, Zynerba Pharmaceuticals presently has an average rating of “Buy” and a consensus price target of $28.58.

The stock’s market cap is $87.57 million. The stock has a 50-day moving average of $7.90 and a 200 day moving average of $8.13.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last issued its quarterly earnings results on Thursday, May 12th. The company reported ($0.49) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.56) by $0.07. Equities research analysts expect that Zynerba Pharmaceuticals Inc. will post ($2.37) EPS for the current year.

Zynerba Pharmaceuticals, Inc is a specialty pharmaceutical company focused on developing and commercializing synthetic cannabinoid therapeutics formulated for transdermal delivery. The Company is evaluating approximately two product candidates, ZYN002 and ZYN001, in over five indications, including refractory epilepsy, Fragile X syndrome (FXS), osteoarthritis (OA), fibromyalgia and peripheral neuropathic pain.

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