Zynerba Pharmaceuticals (ZYNE) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) from a hold rating to a buy rating in a report published on Friday morning. The brokerage currently has $7.00 price objective on the stock.

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 stock. HC Wainwright reissued a buy rating on shares of Zynerba Pharmaceuticals in a research note on Monday, March 18th. Cantor Fitzgerald set a $21.00 price objective on shares of Zynerba Pharmaceuticals and gave the company a buy rating in a research note on Monday, December 17th. Finally, ValuEngine raised shares of Zynerba Pharmaceuticals from a sell rating to a hold rating in a research note on Tuesday, March 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of Buy and an average price target of $14.00.

NASDAQ:ZYNE opened at $5.78 on Friday. Zynerba Pharmaceuticals has a fifty-two week low of $2.75 and a fifty-two week high of $12.50. The firm has a market cap of $121.78 million, a PE ratio of -2.21 and a beta of 4.93.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last posted its quarterly earnings results on Monday, March 11th. The company reported ($0.44) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.65) by $0.21. The company had revenue of $0.09 million for the quarter. Research analysts predict that Zynerba Pharmaceuticals will post -2.1 earnings per share for the current year.

A number of large investors have recently added to or reduced their stakes in ZYNE. Vanguard Group Inc. lifted its holdings in shares of Zynerba Pharmaceuticals by 23.8% during the 3rd quarter. Vanguard Group Inc. now owns 651,400 shares of the company’s stock worth $5,316,000 after acquiring an additional 125,327 shares during the period. Vanguard Group Inc lifted its holdings in shares of Zynerba Pharmaceuticals by 23.8% during the 3rd quarter. Vanguard Group Inc now owns 651,400 shares of the company’s stock worth $5,316,000 after acquiring an additional 125,327 shares during the period. BlackRock Inc. lifted its holdings in shares of Zynerba Pharmaceuticals by 0.9% during the 4th quarter. BlackRock Inc. now owns 300,949 shares of the company’s stock worth $893,000 after acquiring an additional 2,594 shares during the period. Campbell Capital Management Inc. purchased a new position in shares of Zynerba Pharmaceuticals during the 4th quarter worth about $510,000. Finally, Point72 Asset Management L.P. purchased a new position in shares of Zynerba Pharmaceuticals during the 3rd quarter worth about $612,000. Institutional investors own 12.86% of the company’s stock.

Zynerba Pharmaceuticals Company Profile

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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