Zacks Investment Research lowered shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) from a buy rating to a hold rating in a research note published on Wednesday morning.

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. “

Other equities research analysts have also recently issued reports about the company. HC Wainwright set a $23.00 target price on Zynerba Pharmaceuticals and gave the company a buy rating in a report on Tuesday, November 13th. Cantor Fitzgerald restated a buy rating and set a $21.00 target price on shares of Zynerba Pharmaceuticals in a report on Tuesday, October 2nd. Canaccord Genuity dropped their target price on Zynerba Pharmaceuticals from $18.00 to $15.00 and set a buy rating for the company in a report on Friday, August 3rd. Finally, ValuEngine upgraded Zynerba Pharmaceuticals from a sell rating to a hold rating in a report on Tuesday, August 14th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Zynerba Pharmaceuticals has a consensus rating of Buy and an average target price of $17.75.

Shares of ZYNE traded up $0.20 during midday trading on Wednesday, reaching $5.03. The stock had a trading volume of 168,738 shares, compared to its average volume of 309,464. Zynerba Pharmaceuticals has a 12-month low of $4.78 and a 12-month high of $15.14. The stock has a market capitalization of $85.14 million, a P/E ratio of -2.03 and a beta of 4.49.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last posted its quarterly earnings data on Thursday, November 8th. The company reported ($0.47) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.23. Research analysts expect that Zynerba Pharmaceuticals will post -2.87 EPS for the current fiscal year.

Hedge funds have recently modified their holdings of the stock. Alps Advisors Inc. boosted its holdings in Zynerba Pharmaceuticals by 41.3% during the 2nd quarter. Alps Advisors Inc. now owns 51,375 shares of the company’s stock valued at $504,000 after acquiring an additional 15,019 shares during the period. Engineers Gate Manager LP bought a new position in Zynerba Pharmaceuticals during the 2nd quarter valued at approximately $231,000. Pennsylvania Trust Co raised its position in Zynerba Pharmaceuticals by 17.4% during the 3rd quarter. Pennsylvania Trust Co now owns 202,100 shares of the company’s stock valued at $1,649,000 after purchasing an additional 30,000 shares during the last quarter. Jane Street Group LLC bought a new position in Zynerba Pharmaceuticals during the 2nd quarter valued at approximately $239,000. Finally, LMR Partners LLP bought a new position in Zynerba Pharmaceuticals during the 2nd quarter valued at approximately $312,000. Institutional investors own 15.24% of the company’s stock.

About Zynerba Pharmaceuticals

Zynerba Pharmaceuticals, Inc operates as a clinical stage specialty pharmaceutical company. The company focuses on developing and commercializing pharmaceutically-produced transdermal cannabinoid treatments for rare or near-rare neuropsychiatric disorders. Its product candidates include ZYN002, which completed Phase II clinical trial for pediatric and adolescent patients with fragile X syndrome, pediatric and adolescent patients with developmental and epileptic encephalopathies, and adult patients with refractory epileptic focal seizures; and ZYN001 that is in Phase I clinical trial to treat Tourette syndrome.

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