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

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 equities research analysts have also issued reports about the stock. Jefferies Group LLC reaffirmed a buy rating and issued a $32.00 price objective on shares of Zynerba Pharmaceuticals in a research note on Sunday, July 9th. Maxim Group set a $32.00 target price on shares of Zynerba Pharmaceuticals and gave the stock a buy rating in a research note on Monday, June 26th. Roth Capital set a $30.00 target price on shares of Zynerba Pharmaceuticals and gave the stock a buy rating in a research note on Saturday, June 10th. Cantor Fitzgerald set a $28.00 target price on shares of Zynerba Pharmaceuticals and gave the stock a buy rating in a research note on Thursday, June 8th. Finally, Canaccord Genuity set a $35.00 target price on shares of Zynerba Pharmaceuticals and gave the stock a buy rating in a research note on Saturday, May 13th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $31.44.

Shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) opened at 15.06 on Friday. Zynerba Pharmaceuticals has a one year low of $8.25 and a one year high of $25.95. The company’s 50 day moving average is $17.81 and its 200-day moving average is $19.61. The firm’s market capitalization is $199.65 million.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last posted its quarterly earnings data on Tuesday, August 1st. The company reported ($0.64) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.60) by $0.04. Equities analysts expect that Zynerba Pharmaceuticals will post ($2.46) EPS for the current year.

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In related news, CFO James E. Fickenscher bought 5,200 shares of the business’s stock in a transaction that occurred on Friday, May 12th. The shares were acquired at an average cost of $19.82 per share, with a total value of $103,064.00. Following the completion of the purchase, the chief financial officer now directly owns 12,200 shares in the company, valued at $241,804. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Armando Anido bought 5,000 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The shares were bought at an average cost of $19.70 per share, for a total transaction of $98,500.00. Following the completion of the purchase, the chairman now owns 336,012 shares of the company’s stock, valued at $6,619,436.40. The disclosure for this purchase can be found here. 10.02% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. FNY Managed Accounts LLC acquired a new position in Zynerba Pharmaceuticals during the first quarter valued at $180,000. SG Americas Securities LLC acquired a new position in Zynerba Pharmaceuticals during the first quarter valued at $188,000. Rhumbline Advisers acquired a new position in Zynerba Pharmaceuticals during the second quarter valued at $232,000. Bank of New York Mellon Corp increased its position in Zynerba Pharmaceuticals by 5.5% in the first quarter. Bank of New York Mellon Corp now owns 12,165 shares of the company’s stock valued at $245,000 after buying an additional 635 shares during the last quarter. Finally, Segantii Capital Management Ltd acquired a new position in Zynerba Pharmaceuticals during the first quarter valued at $291,000. 31.08% of the stock is currently 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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