Zynerba Pharmaceuticals (NASDAQ:ZYNE) Stock Price Up 5%

Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE)’s stock price rose 5% during trading on Thursday . The company traded as high as $8.48 and last traded at $8.36, approximately 723,229 shares traded hands during mid-day trading. A decline of 55% from the average daily volume of 1,600,360 shares. The stock had previously closed at $7.96.

ZYNE has been the topic of a number of recent analyst reports. Canaccord Genuity set a $18.00 price target on shares of Zynerba Pharmaceuticals and gave the company a “buy” rating in a research report on Friday, June 28th. BidaskClub lowered shares of Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, July 11th. LADENBURG THALM/SH SH restated a “buy” rating and issued a $26.00 price target on shares of Zynerba Pharmaceuticals in a research report on Wednesday, September 18th. ValuEngine lowered shares of Zynerba Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, October 5th. Finally, Jefferies Financial Group restated a “hold” rating and issued a $11.00 price target on shares of Zynerba Pharmaceuticals in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. Zynerba Pharmaceuticals currently has a consensus rating of “Hold” and an average target price of $20.43.

The company has a market capitalization of $177.00 million, a P/E ratio of -3.20 and a beta of 4.75. The stock’s 50 day simple moving average is $9.21 and its two-hundred day simple moving average is $11.03.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last announced its earnings results on Tuesday, August 6th. The company reported ($0.50) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.50). On average, equities research analysts expect that Zynerba Pharmaceuticals Inc will post -2.03 earnings per share for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the business. NEXT Financial Group Inc raised its stake in shares of Zynerba Pharmaceuticals by 1,190.0% during the second quarter. NEXT Financial Group Inc now owns 1,935 shares of the company’s stock worth $26,000 after buying an additional 1,785 shares during the last quarter. Prestige Wealth Management Group LLC bought a new stake in shares of Zynerba Pharmaceuticals during the second quarter worth approximately $54,000. Wells Fargo & Company MN raised its stake in shares of Zynerba Pharmaceuticals by 110.1% during the second quarter. Wells Fargo & Company MN now owns 4,205 shares of the company’s stock worth $57,000 after buying an additional 2,204 shares during the last quarter. Tower Research Capital LLC TRC bought a new stake in shares of Zynerba Pharmaceuticals during the second quarter worth approximately $72,000. Finally, Sterling Investment Advisors Ltd. bought a new stake in shares of Zynerba Pharmaceuticals during the second quarter worth approximately $81,000. 36.74% of the stock is owned by institutional investors.

Zynerba Pharmaceuticals Company Profile (NASDAQ:ZYNE)

Zynerba Pharmaceuticals, Inc operates as a clinical stage specialty pharmaceutical company. It focuses on developing pharmaceutically-produced transdermal cannabinoid therapies for rare and near-rare neuropsychiatric disorders. The company is developing Zygel, a transdermal cannabidiol gel, which is in Phase II clinical trial for treating children and adolescent patients with developmental and epileptic encephalopathies; is in Phase II/III clinical trial to treat children and adolescent patients with fragile X syndrome; and is in Phase II clinical trial for treating children and adolescent patients with autism spectrum disorder.

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