Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors 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. “

ZYNE has been the topic of a number of other research reports. Oppenheimer Holdings Inc. reaffirmed a “buy” rating and set a $29.00 price objective on shares of Zynerba Pharmaceuticals in a research note on Tuesday, June 28th. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $42.00 price objective on shares of Zynerba Pharmaceuticals in a research note on Tuesday, July 26th. 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 Tuesday, August 16th. Roth Capital set a $25.00 price objective on shares of Zynerba Pharmaceuticals and gave the stock a “buy” rating in a research note on Tuesday, September 6th. Finally, HC Wainwright assumed coverage on shares of Zynerba Pharmaceuticals in a research note on Friday, October 7th. They set a “buy” rating and a $22.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. Zynerba Pharmaceuticals presently has an average rating of “Buy” and a consensus price target of $27.64.

Analyst Recommendations for Zynerba Pharmaceuticals (NASDAQ:ZYNE)

Zynerba Pharmaceuticals (NASDAQ:ZYNE) traded down 3.0976% during midday trading on Wednesday, reaching $12.3066. 83,383 shares of the company were exchanged. Zynerba Pharmaceuticals has a 52 week low of $4.64 and a 52 week high of $21.56. The firm’s 50 day moving average price is $11.28 and its 200-day moving average price is $9.18. The stock’s market capitalization is $113.21 million.

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

In related news, insider Suzanne M. Hanlon sold 3,000 shares of Zynerba Pharmaceuticals stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $10.53, for a total value of $31,590.00. Following the sale, the insider now owns 39,893 shares of the company’s stock, valued at approximately $420,073.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 10.02% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Alpine Partners VI LLC bought a new position in Zynerba Pharmaceuticals during the second quarter valued at approximately $113,000. State Street Corp raised its position in 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. Emerald Advisers Inc. PA raised its position in 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, Cormorant Asset Management LLC raised its position in 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. Institutional investors and hedge funds own 23.78% of the company’s stock.

Zynerba Pharmaceuticals Company Profile

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.

5 Day Chart for NASDAQ:ZYNE

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