Zynerba Pharmaceuticals Inc. (ZYNE) Cut to Sell at Zacks Investment Research
Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Zynerba Pharmaceuticals, Inc. is a specialty pharmaceutical company which focuses on developing and commercializing proprietary synthetic cannabinoid therapeutics formulated for transdermal delivery. Its product candidates which are in clinical trial stage include ZYN002 and ZYN001 synthetic transdermal cannabinoid therapeutics for indications including refractory epilepsy, Fragile X syndrome, osteoarthritis, fibromyalgia and peripheral neuropathic pain. Zynerba Pharmaceuticals, Inc. is headquartered in Devon, Pennsylvania. “
Several other research firms have also recently issued reports on ZYNE. Roth Capital set a $25.00 price objective on Zynerba Pharmaceuticals and gave the stock a “buy” rating in a research report on Tuesday, September 6th. Canaccord Genuity reiterated a “buy” rating and issued a $35.00 price objective on shares of Zynerba Pharmaceuticals in a research report on Tuesday, August 16th. HC Wainwright assumed coverage on Zynerba Pharmaceuticals in a research report on Friday, October 7th. They issued a “buy” rating and a $22.00 price objective for the company. Piper Jaffray Cos. reiterated an “overweight” rating and issued a $42.00 price objective on shares of Zynerba Pharmaceuticals in a research report on Friday, August 12th. Finally, Oppenheimer Holdings Inc. reiterated a “buy” rating and issued a $29.00 price objective on shares of Zynerba Pharmaceuticals in a research report on Tuesday, June 28th. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $27.64.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) traded down 3.0976% on Wednesday, hitting $12.3066. The stock had a trading volume of 83,383 shares. The stock’s market cap is $113.21 million. The stock’s 50 day moving average is $11.28 and its 200 day moving average is $9.18. Zynerba Pharmaceuticals has a one year low of $4.64 and a one year high of $21.56.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) last released its quarterly earnings results on Thursday, August 11th. The company reported ($0.70) EPS for the quarter, missing the Thomson Reuters’ 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%. Analysts anticipate that Zynerba Pharmaceuticals will post ($2.54) earnings per share for the current year.
In other Zynerba Pharmaceuticals news, insider Suzanne M. Hanlon sold 3,000 shares of the company’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 sale, the insider now owns 39,893 shares of the company’s stock, valued at $420,073.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.02% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. State Street Corp raised 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 valued at $356,000 after buying an additional 562 shares during the period. Emerald Advisers Inc. PA raised 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 valued at $1,209,000 after buying an additional 9,329 shares during the period. Cormorant Asset Management LLC raised 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 valued at $4,489,000 after buying an additional 118,435 shares during the period. Finally, Alpine Partners VI LLC purchased a new stake in Zynerba Pharmaceuticals during the second quarter valued at $113,000. 23.78% of the stock is currently owned by institutional investors.
About Zynerba Pharmaceuticals
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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