HC Wainwright Initiates Coverage on Zynerba Pharmaceuticals Inc. (ZYNE)
Research analysts at HC Wainwright assumed coverage on shares of Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE) in a research report issued to clients and investors on Friday. The brokerage set a “buy” rating and a $22.00 price target on the stock. HC Wainwright’s target price indicates a potential upside of 64.42% from the company’s current price.
Several other research analysts also recently commented on the company. Oppenheimer Holdings Inc. restated a “buy” rating and set a $29.00 price objective on shares of Zynerba Pharmaceuticals in a report on Tuesday, June 28th. Piper Jaffray Cos. restated an “overweight” rating and set a $42.00 price objective on shares of Zynerba Pharmaceuticals in a report on Tuesday, July 26th. Zacks Investment Research downgraded Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, August 16th. Canaccord Genuity reiterated a “buy” rating and issued a $35.00 price target on shares of Zynerba Pharmaceuticals in a report on Wednesday, September 7th. Finally, Roth Capital set a $25.00 price target on Zynerba Pharmaceuticals and gave the company a “buy” rating in a report on Tuesday, September 6th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Zynerba Pharmaceuticals presently has a consensus rating of “Buy” and an average target price of $27.64.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) opened at 13.38 on Friday. The company’s market capitalization is $123.08 million. Zynerba Pharmaceuticals has a one year low of $4.64 and a one year high of $21.56. The stock’s 50 day moving average price is $11.21 and its 200-day moving average price is $9.15.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) last released its quarterly earnings data on Thursday, August 11th. The company reported ($0.70) EPS for the quarter, missing the consensus estimate of ($0.53) by $0.18. Zynerba Pharmaceuticals had a negative return on equity of 51.49% and a negative net margin of 5,681.48%. Equities analysts forecast that Zynerba Pharmaceuticals will post ($2.54) EPS for the current year.
In other news, insider Suzanne M. Hanlon sold 3,000 shares of the firm’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $10.53, for a total value of $31,590.00. Following the completion of the sale, the insider now owns 39,893 shares of the company’s stock, valued at approximately $420,073.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.02% of the stock is owned by insiders.
Several hedge funds have recently bought and sold shares of ZYNE. Alpine Partners VI LLC acquired a new stake in Zynerba Pharmaceuticals during the second quarter worth $113,000. Emerald Advisers Inc. PA boosted its stake in Zynerba Pharmaceuticals by 5.6% in the second quarter. Emerald Advisers Inc. PA now owns 176,514 shares of the company’s stock worth $1,209,000 after buying an additional 9,329 shares during the last quarter. Cormorant Asset Management LLC boosted its stake in Zynerba Pharmaceuticals by 33.2% in the first quarter. Cormorant Asset Management LLC now owns 475,035 shares of the company’s stock worth $4,489,000 after buying an additional 118,435 shares during the last quarter. Finally, State Street Corp boosted its stake in Zynerba Pharmaceuticals by 1.5% in the first quarter. State Street Corp now owns 37,629 shares of the company’s stock worth $356,000 after buying an additional 562 shares during the last quarter. 23.78% of the stock is owned by hedge funds and other institutional investors.
Zynerba Pharmaceuticals Company Profile
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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