Zynerba Pharmaceuticals (ZYNE) Receives New Coverage from Analysts at Seaport Global Securities
Seaport Global Securities initiated coverage on shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) in a research note issued to investors on Friday morning, MarketBeat reports. The firm issued a buy rating and a $16.00 price objective on the stock.
A number of other equities research analysts have also issued reports on ZYNE. Oppenheimer restated a hold rating on shares of Zynerba Pharmaceuticals in a research note on Friday, September 29th. Roth Capital set a $15.00 target price on shares of Zynerba Pharmaceuticals and gave the company a buy rating in a research note on Sunday, October 1st. Cantor Fitzgerald restated a hold rating and issued a $4.00 target price on shares of Zynerba Pharmaceuticals in a research note on Thursday, September 28th. Piper Jaffray Companies upgraded shares of Zynerba Pharmaceuticals from a neutral rating to an overweight rating and upped their target price for the company from $7.00 to $16.00 in a research note on Thursday, September 28th. Finally, Canaccord Genuity upped their target price on shares of Zynerba Pharmaceuticals from $9.00 to $15.00 and gave the company a buy rating in a research note on Friday, September 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $15.10.
Shares of Zynerba Pharmaceuticals (NASDAQ ZYNE) opened at $12.07 on Friday. The stock has a market cap of $171.70 and a PE ratio of -4.66. Zynerba Pharmaceuticals has a 12 month low of $5.42 and a 12 month high of $25.95.
In other Zynerba Pharmaceuticals news, major shareholder Michael Rapp acquired 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were purchased at an average price of $12.99 per share, for a total transaction of $194,850.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.91% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nationwide Fund Advisors acquired a new stake in Zynerba Pharmaceuticals during the second quarter worth about $110,000. The Manufacturers Life Insurance Company acquired a new stake in Zynerba Pharmaceuticals during the second quarter worth about $158,000. New York State Common Retirement Fund acquired a new stake in Zynerba Pharmaceuticals during the second quarter worth about $207,000. Parametric Portfolio Associates LLC acquired a new stake in Zynerba Pharmaceuticals during the second quarter worth about $223,000. Finally, Zeke Capital Advisors LLC acquired a new stake in shares of Zynerba Pharmaceuticals in the third quarter valued at approximately $114,000. Hedge funds and other institutional investors own 26.40% of the company’s stock.
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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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