Zynerba Pharmaceuticals (NASDAQ:ZYNE) Rating Increased to Buy at Zacks Investment Research

Zynerba Pharmaceuticals (NASDAQ:ZYNE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday, Zacks.com reports. The firm currently has a $4.50 price target on the stock. Zacks Investment Research‘s target price points to a potential downside of 30.56% from the company’s previous close.

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. “

A number of other research firms have also weighed in on ZYNE. Cantor Fitzgerald increased their target price on shares of Zynerba Pharmaceuticals from $12.00 to $21.00 and gave the stock an “overweight” rating in a report on Friday. Needham & Company LLC reiterated a “buy” rating and set a $16.00 target price on shares of Zynerba Pharmaceuticals in a report on Thursday, April 16th. HC Wainwright reissued a “buy” rating on shares of Zynerba Pharmaceuticals in a research note on Thursday, February 20th. Finally, ValuEngine raised shares of Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday, April 2nd. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $15.50.

NASDAQ ZYNE traded up $1.00 during trading on Friday, hitting $6.48. 2,845,326 shares of the company’s stock traded hands, compared to its average volume of 1,049,014. The stock has a fifty day moving average of $3.99 and a two-hundred day moving average of $4.98. Zynerba Pharmaceuticals has a 12-month low of $2.55 and a 12-month high of $15.70. The firm has a market cap of $136.85 million, a P/E ratio of -4.13 and a beta of 3.04.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last posted its earnings results on Monday, May 11th. The company reported ($0.53) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.50) by ($0.03). On average, sell-side analysts anticipate that Zynerba Pharmaceuticals will post -1.75 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in ZYNE. California Public Employees Retirement System bought a new stake in Zynerba Pharmaceuticals in the 4th quarter valued at $109,000. State Street Corp increased its holdings in shares of Zynerba Pharmaceuticals by 5.1% in the 4th quarter. State Street Corp now owns 403,691 shares of the company’s stock worth $2,438,000 after buying an additional 19,694 shares during the last quarter. Barclays PLC increased its holdings in shares of Zynerba Pharmaceuticals by 31.7% in the 4th quarter. Barclays PLC now owns 23,231 shares of the company’s stock worth $140,000 after buying an additional 5,585 shares during the last quarter. Citigroup Inc. increased its holdings in shares of Zynerba Pharmaceuticals by 93.4% in the 4th quarter. Citigroup Inc. now owns 6,940 shares of the company’s stock worth $42,000 after buying an additional 3,352 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Zynerba Pharmaceuticals in the 4th quarter worth about $258,000. Institutional investors own 42.72% of the company’s stock.

Zynerba Pharmaceuticals Company Profile

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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