HC Wainwright initiated coverage on shares of Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE) in a report released on Friday. The brokerage set a “buy” rating and a $22.00 price target on the stock. HC Wainwright’s price target indicates a potential upside of 66.41% from the stock’s previous close.
Several other analysts have also weighed in on the stock. Canaccord Genuity reaffirmed a “buy” rating and set a $35.00 price objective on shares of Zynerba Pharmaceuticals in a report on Wednesday, September 7th. Roth Capital set a $25.00 price objective on shares of Zynerba Pharmaceuticals and gave the stock a “buy” rating in a report on Tuesday, September 6th. Zacks Investment Research lowered shares of Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, August 16th. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $42.00 price objective on shares of Zynerba Pharmaceuticals in a report on Friday, August 12th. Finally, Oppenheimer Holdings Inc. reissued a “buy” rating and issued a $29.00 price target on shares of Zynerba Pharmaceuticals in a report on Tuesday, June 28th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $27.64.
Shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) opened at 13.22 on Friday. The stock’s market cap is $121.61 million. The stock has a 50 day moving average price of $11.00 and a 200-day moving average price of $9.13. Zynerba Pharmaceuticals has a 12-month low of $4.64 and a 12-month high of $21.56.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) last posted its quarterly earnings data on Thursday, August 11th. The company reported ($0.70) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.53) by $0.18. Zynerba Pharmaceuticals had a negative return on equity of 51.49% and a negative net margin of 5,681.48%. Equities analysts anticipate that Zynerba Pharmaceuticals will post ($2.54) EPS for the current fiscal year.
In other Zynerba Pharmaceuticals news, insider Suzanne M. Hanlon sold 3,000 shares of Zynerba Pharmaceuticals stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $10.53, for a total transaction of $31,590.00. Following the completion of the sale, the insider now owns 39,893 shares of the company’s stock, valued at approximately $420,073.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 10.02% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in ZYNE. Alpine Partners VI LLC acquired a new stake in Zynerba Pharmaceuticals during the second quarter worth approximately $113,000. State Street Corp raised its stake in Zynerba Pharmaceuticals by 1.5% in the first quarter. State Street Corp now owns 37,629 shares of the company’s stock worth $356,000 after buying an additional 562 shares in the last quarter. Emerald Advisers Inc. PA raised its stake in Zynerba Pharmaceuticals by 5.6% in the second quarter. Emerald Advisers Inc. PA now owns 176,514 shares of the company’s stock worth $1,209,000 after buying an additional 9,329 shares in the last quarter. Finally, Cormorant Asset Management LLC raised its stake in Zynerba Pharmaceuticals by 33.2% in the first quarter. Cormorant Asset Management LLC now owns 475,035 shares of the company’s stock worth $4,489,000 after buying an additional 118,435 shares in the last quarter. 23.78% of the stock is owned by hedge funds and other institutional investors.
Zynerba Pharmaceuticals Company Profile
Zynerba Pharmaceuticals, Inc is a specialty pharmaceutical company focused on developing and commercializing synthetic cannabinoid therapeutics formulated for transdermal delivery. The Company is evaluating approximately two product candidates, ZYN002 and ZYN001, in over five indications, including refractory epilepsy, Fragile X syndrome (FXS), osteoarthritis (OA), fibromyalgia and peripheral neuropathic pain.
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