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 Thursday. The brokerage currently has a $12.00 price target on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 27.39% from the stock’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. “
Several other analysts have also weighed in on the stock. Cantor Fitzgerald set a $17.00 price objective on shares of Zynerba Pharmaceuticals and gave the company a “buy” rating in a research note on Wednesday, January 3rd. Canaccord Genuity set a $18.00 price objective on shares of Zynerba Pharmaceuticals and gave the company a “buy” rating in a research note on Monday, December 4th. Seaport Global Securities reiterated a “buy” rating on shares of Zynerba Pharmaceuticals in a research note on Tuesday. HC Wainwright set a $23.00 price objective on shares of Zynerba Pharmaceuticals and gave the company a “buy” rating in a research note on Tuesday. Finally, Ladenburg Thalmann Financial Services initiated coverage on shares of Zynerba Pharmaceuticals in a research note on Monday, January 29th. They issued a “buy” rating and a $25.50 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. Zynerba Pharmaceuticals currently has an average rating of “Buy” and an average target price of $17.86.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) last released its quarterly earnings results on Monday, March 12th. The company reported ($0.60) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.60). During the same quarter in the prior year, the business posted ($0.71) EPS. equities analysts forecast that Zynerba Pharmaceuticals will post -2.49 earnings per share for the current year.
In other Zynerba Pharmaceuticals news, major shareholder Michael Rapp purchased 15,000 shares of Zynerba Pharmaceuticals stock in a transaction that occurred on Tuesday, January 2nd. The stock was acquired at an average price of $12.99 per share, with a total value of $194,850.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 9.91% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of ZYNE. Nationwide Fund Advisors acquired a new stake in Zynerba Pharmaceuticals in the 2nd quarter valued at $110,000. Zeke Capital Advisors LLC acquired a new stake in Zynerba Pharmaceuticals in the 3rd quarter valued at $114,000. The Manufacturers Life Insurance Company acquired a new stake in Zynerba Pharmaceuticals in the 2nd quarter valued at $158,000. Cowen Inc. acquired a new stake in Zynerba Pharmaceuticals in the 3rd quarter valued at $167,000. Finally, New York State Common Retirement Fund acquired a new stake in Zynerba Pharmaceuticals in the 2nd quarter valued at $207,000. 29.07% of the stock is owned by institutional investors and hedge funds.
About Zynerba Pharmaceuticals
Zynerba Pharmaceuticals, Inc is a specialty pharmaceutical company. The Company is engaged in developing and commercializing transdermal synthetic cannabinoid treatments for patients with high unmet needs. Its development pipeline includes two product candidates: ZYN002 and ZYN001. ZYN002 is a synthetic cannabidiol (CBD), which is a non-psychoactive cannabinoid, formulated as a patent-protected permeation-enhanced gel for transdermal delivery through the skin and into the circulatory system.
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