Zynerba Pharmaceuticals, Inc. (ZYNE) Receives $13.50 Consensus Target Price from Brokerages

Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) has been given a consensus rating of “Hold” by the twelve analysts that are covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, six have given a hold recommendation and three have given a buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $14.00.

Several research firms have commented on ZYNE. Cantor Fitzgerald reaffirmed a “hold” rating and issued a $4.00 target price on shares of Zynerba Pharmaceuticals in a research note on Thursday, September 28th. Jefferies Group cut shares of Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating and lowered their target price for the stock from $12.00 to $7.00 in a research note on Tuesday, August 15th. HC Wainwright set a $7.00 target price on shares of Zynerba Pharmaceuticals and gave the stock a “hold” rating in a research note on Tuesday, August 15th. Maxim Group cut shares of Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Monday, August 7th. Finally, Oppenheimer cut shares of Zynerba Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research note on Monday, August 14th.

In related news, major shareholder Michael Rapp acquired 25,745 shares of the stock in a transaction dated Monday, October 23rd. The stock was bought at an average cost of $9.94 per share, with a total value of $255,905.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 9.91% of the stock is owned by insiders.

Institutional investors have recently made changes to their positions in the stock. Morgan Stanley boosted its position in Zynerba Pharmaceuticals by 220.3% during the 1st quarter. Morgan Stanley now owns 57,752 shares of the company’s stock worth $1,161,000 after purchasing an additional 39,722 shares during the period. Vanguard Group Inc. boosted its position in Zynerba Pharmaceuticals by 53.9% during the 1st quarter. Vanguard Group Inc. now owns 425,811 shares of the company’s stock worth $8,559,000 after purchasing an additional 149,094 shares during the period. Citigroup Inc. boosted its position in Zynerba Pharmaceuticals by 13,501.1% during the 2nd quarter. Citigroup Inc. now owns 221,698 shares of the company’s stock worth $3,762,000 after purchasing an additional 220,068 shares during the period. Geode Capital Management LLC boosted its position in Zynerba Pharmaceuticals by 57.6% during the 1st quarter. Geode Capital Management LLC now owns 76,015 shares of the company’s stock worth $1,527,000 after purchasing an additional 27,789 shares during the period. Finally, Granite Point Capital Management L.P. boosted its position in Zynerba Pharmaceuticals by 36.6% during the 2nd quarter. Granite Point Capital Management L.P. now owns 135,200 shares of the company’s stock worth $2,294,000 after purchasing an additional 36,200 shares during the period. 26.95% of the stock is owned by hedge funds and other institutional investors.

Zynerba Pharmaceuticals (NASDAQ ZYNE) traded down $0.36 during mid-day trading on Thursday, reaching $13.01. 381,782 shares of the company’s stock traded hands, compared to its average volume of 641,867. Zynerba Pharmaceuticals has a 12-month low of $5.42 and a 12-month high of $25.95.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last released its earnings results on Tuesday, November 14th. The company reported ($0.63) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.58) by ($0.05). During the same period in the previous year, the firm earned ($0.67) EPS. equities analysts anticipate that Zynerba Pharmaceuticals will post -2.49 earnings per share for the current fiscal year.

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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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