Zynerba Pharmaceuticals (NASDAQ:ZYNE) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) from a hold rating to a sell rating in a research note issued to investors on Saturday morning, Zacks.com reports.

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. “

A number of other brokerages also recently commented on ZYNE. Jefferies Financial Group reissued a hold rating and issued a $11.00 price objective on shares of Zynerba Pharmaceuticals in a research report on Monday, September 16th. LADENBURG THALM/SH SH reissued a buy rating and issued a $26.00 price objective on shares of Zynerba Pharmaceuticals in a research report on Wednesday, September 18th. Needham & Company LLC initiated coverage on shares of Zynerba Pharmaceuticals in a research report on Monday, October 21st. They issued a buy rating and a $18.00 price objective for the company. Finally, ValuEngine raised shares of Zynerba Pharmaceuticals from a strong sell rating to a sell rating in a research report on Friday. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company’s stock. Zynerba Pharmaceuticals presently has a consensus rating of Hold and a consensus target price of $20.13.

ZYNE traded down $0.02 during mid-day trading on Friday, hitting $6.43. The stock had a trading volume of 1,323,200 shares, compared to its average volume of 1,522,152. The stock’s fifty day simple moving average is $7.72 and its 200-day simple moving average is $11.02. Zynerba Pharmaceuticals has a 1-year low of $2.75 and a 1-year high of $16.47. The firm has a market capitalization of $165.40 million, a price-to-earnings ratio of -2.46 and a beta of 4.74.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.44) EPS for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.08. As a group, analysts forecast that Zynerba Pharmaceuticals will post -2.03 earnings per share for the current year.

Several hedge funds have recently made changes to their positions in the stock. ETF Managers Group LLC bought a new stake in shares of Zynerba Pharmaceuticals during the 2nd quarter worth about $30,323,000. BlackRock Inc. boosted its holdings in shares of Zynerba Pharmaceuticals by 341.4% during the 2nd quarter. BlackRock Inc. now owns 1,311,995 shares of the company’s stock worth $17,778,000 after buying an additional 1,014,749 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Zynerba Pharmaceuticals by 127.8% during the 2nd quarter. Vanguard Group Inc. now owns 1,232,456 shares of the company’s stock worth $16,700,000 after buying an additional 691,342 shares during the period. Zeke Capital Advisors LLC boosted its holdings in shares of Zynerba Pharmaceuticals by 1,635.1% during the 2nd quarter. Zeke Capital Advisors LLC now owns 411,212 shares of the company’s stock worth $5,572,000 after buying an additional 387,512 shares during the period. Finally, JPMorgan Chase & Co. bought a new stake in shares of Zynerba Pharmaceuticals during the 2nd quarter worth about $1,865,000. 36.72% of the stock is owned by institutional investors and hedge funds.

About Zynerba Pharmaceuticals

Zynerba Pharmaceuticals, Inc operates as a clinical stage specialty pharmaceutical company. It focuses on developing pharmaceutically-produced transdermal cannabinoid therapies for rare and near-rare neuropsychiatric disorders. The company is developing Zygel, a transdermal cannabidiol gel, which is in Phase II clinical trial for treating children and adolescent patients with developmental and epileptic encephalopathies; is in Phase II/III clinical trial to treat children and adolescent patients with fragile X syndrome; and is in Phase II clinical trial for treating children and adolescent patients with autism spectrum disorder.

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