Trading Report: Today, Zacks Investment Research Lowers Zynerba Pharmaceuticals Inc. (ZYNE) to Sell

Today, Zacks Investment Research Lowers Zynerba Pharmaceuticals Inc. (ZYNE) to Sell

Zacks Investment Research cut shares of Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE) from a hold rating to a sell rating in a research report report published on Wednesday.

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 research analysts also recently issued reports about the company. Canaccord Genuity reaffirmed a buy rating and issued a $35.00 price target on shares of Zynerba Pharmaceuticals in a research report on Tuesday, August 16th. Piper Jaffray Cos. reaffirmed an overweight rating and issued a $42.00 price target on shares of Zynerba Pharmaceuticals in a research report on Friday, August 12th. HC Wainwright started coverage on Zynerba Pharmaceuticals in a research report on Friday, October 7th. They issued a buy rating and a $22.00 price target on the stock. Oppenheimer Holdings Inc. reaffirmed a buy rating and issued a $29.00 price target on shares of Zynerba Pharmaceuticals in a research report on Tuesday, June 28th. Finally, Roth Capital set a $25.00 price target on Zynerba Pharmaceuticals and gave the stock a buy rating in a research report on Tuesday, September 6th. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $27.64.

Shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) opened at 10.89 on Wednesday. Zynerba Pharmaceuticals has a 1-year low of $4.64 and a 1-year high of $21.56. The company’s market capitalization is $100.18 million. The firm has a 50-day moving average price of $11.48 and a 200-day moving average price of $9.23.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last issued its quarterly earnings data on Thursday, August 11th. The company reported ($0.70) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.53) by $0.18. Zynerba Pharmaceuticals had a negative net margin of 5,681.48% and a negative return on equity of 51.49%. Equities analysts anticipate that Zynerba Pharmaceuticals will post ($2.54) earnings per share for the current year.

In other news, insider Suzanne M. Hanlon sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $10.53, for a total transaction of $31,590.00. Following the sale, the insider now directly owns 39,893 shares in the company, valued at $420,073.29. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 10.02% of the company’s stock.

A number of hedge funds have recently made changes to their positions in ZYNE. Cormorant Asset Management LLC raised its stake in shares of Zynerba Pharmaceuticals by 33.2% in the first quarter. Cormorant Asset Management LLC now owns 475,035 shares of the company’s stock valued at $4,489,000 after buying an additional 118,435 shares in the last quarter. Alpine Partners VI LLC bought a new stake in shares of Zynerba Pharmaceuticals during the second quarter valued at approximately $113,000. Emerald Advisers Inc. PA raised its stake in shares of Zynerba Pharmaceuticals by 5.6% in the second quarter. Emerald Advisers Inc. PA now owns 176,514 shares of the company’s stock valued at $1,209,000 after buying an additional 9,329 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Zynerba Pharmaceuticals by 1.5% in the first quarter. State Street Corp now owns 37,629 shares of the company’s stock valued at $356,000 after buying an additional 562 shares in the last quarter. 23.79% of the stock is currently owned by institutional investors and hedge funds.

About Zynerba Pharmaceuticals

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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