Zynerba Pharmaceuticals, Inc. (ZYNE) Upgraded to “Buy” at Roth Capital
Roth Capital upgraded shares of Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) from a neutral rating to a buy rating in a research note released on Tuesday morning, Marketbeat Ratings reports. The firm currently has $15.00 price target on the stock.
Several other research firms have also weighed in on ZYNE. Cantor Fitzgerald restated a buy rating and set a $28.00 price objective on shares of Zynerba Pharmaceuticals in a research note on Tuesday, May 9th. Canaccord Genuity set a $35.00 price objective on shares of Zynerba Pharmaceuticals and gave the stock a buy rating in a research note on Saturday, May 13th. Maxim Group set a $32.00 price objective on shares of Zynerba Pharmaceuticals and gave the stock a buy rating in a research note on Monday, June 26th. Zacks Investment Research upgraded shares of Zynerba Pharmaceuticals from a sell rating to a hold rating in a research note on Thursday, July 13th. Finally, BidaskClub upgraded shares of Zynerba Pharmaceuticals from a sell rating to a hold rating in a research note on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $12.67.
Shares of Zynerba Pharmaceuticals (ZYNE) opened at 6.25 on Tuesday. The firm’s 50-day moving average is $14.21 and its 200-day moving average is $18.65. The company’s market capitalization is $82.86 million. 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 quarterly earnings data on Tuesday, August 1st. The company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.60) by $0.04. On average, equities research analysts anticipate that Zynerba Pharmaceuticals will post ($2.45) EPS for the current fiscal year.
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Several hedge funds have recently made changes to their positions in ZYNE. Nationwide Fund Advisors bought a new stake in shares of Zynerba Pharmaceuticals during the second quarter valued at approximately $110,000. The Manufacturers Life Insurance Company bought a new stake in shares of Zynerba Pharmaceuticals during the second quarter valued at approximately $158,000. FNY Managed Accounts LLC bought a new stake in shares of Zynerba Pharmaceuticals during the first quarter valued at approximately $180,000. SG Americas Securities LLC bought a new stake in shares of Zynerba Pharmaceuticals during the first quarter valued at approximately $188,000. Finally, New York State Common Retirement Fund bought a new stake in shares of Zynerba Pharmaceuticals during the second quarter valued at approximately $207,000. 26.74% of the stock is owned by institutional investors and hedge funds.
Zynerba Pharmaceuticals Company Profile
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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