Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) has been assigned an average recommendation of “Hold” from the twelve ratings firms that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $8.17.

Several brokerages have commented on ZYNE. Canaccord Genuity set a $9.00 target price on shares of Zynerba Pharmaceuticals and gave the stock a “buy” rating in a research report on Friday, August 18th. CIBC reaffirmed a “market perform” rating on shares of Zynerba Pharmaceuticals in a research note on Tuesday, August 15th. Roth Capital raised Zynerba Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $15.00 price target for the company in a research note on Tuesday, August 15th. HC Wainwright set a $7.00 price target on Zynerba Pharmaceuticals and gave the stock a “hold” rating in a research note on Tuesday, August 15th. Finally, Jefferies Group LLC downgraded Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating and cut their price target for the stock from $12.00 to $7.00 in a research note on Tuesday, August 15th.

Zynerba Pharmaceuticals (NASDAQ ZYNE) traded down 1.62% on Tuesday, reaching $6.06. 354,753 shares of the company’s stock traded hands. The stock has a 50 day moving average price of $12.76 and a 200 day moving average price of $18.22. The stock’s market cap is $80.34 million. Zynerba Pharmaceuticals has a 12-month low of $5.42 and a 12-month high of $25.95.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last issued its earnings results on Tuesday, August 1st. The company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.60) by $0.04. Analysts forecast that Zynerba Pharmaceuticals will post ($2.45) EPS for the current year.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in ZYNE. 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 period. Cheyne Capital Management UK LLP increased its position in shares of Zynerba Pharmaceuticals by 23.5% in the first quarter. Cheyne Capital Management UK LLP now owns 61,762 shares of the company’s stock valued at $1,241,000 after buying an additional 11,762 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Zynerba Pharmaceuticals during the first quarter valued at $188,000. Granite Point Capital Management L.P. purchased a new position in shares of Zynerba Pharmaceuticals during the first quarter valued at $1,990,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Zynerba Pharmaceuticals during the first quarter valued at $410,000. 26.74% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Zynerba Pharmaceuticals (NASDAQ:ZYNE)

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