Oppenheimer Holdings, Inc. Reiterates Hold Rating for Zynerba Pharmaceuticals, Inc. (ZYNE)
Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE)‘s stock had its “hold” rating reaffirmed by stock analysts at Oppenheimer Holdings, Inc. in a research report issued on Tuesday.
A number of other research analysts have also commented on ZYNE. Zacks Investment Research upgraded shares of Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Thursday, August 10th. HC Wainwright lowered shares of Zynerba Pharmaceuticals from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $30.00 to $7.00 in a research note on Tuesday, August 8th. Roth Capital lowered shares of Zynerba Pharmaceuticals from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $30.00 to $7.00 in a research note on Tuesday, August 8th. Jefferies Group LLC lowered shares of Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating and dropped their price objective for the company from $12.00 to $7.00 in a research note on Tuesday, August 15th. Finally, Canaccord Genuity set a $9.00 price objective on shares of Zynerba Pharmaceuticals and gave the company a “buy” rating in a research note on Friday, August 18th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $14.67.
Zynerba Pharmaceuticals (ZYNE) opened at $13.08 on Tuesday. Zynerba Pharmaceuticals has a one year low of $5.42 and a one year high of $25.95.
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In related news, major shareholder Michael Rapp acquired 44,255 shares of the firm’s stock in a transaction that occurred on Thursday, October 19th. The shares were purchased at an average price of $9.59 per share, with a total value of $424,405.45. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 10.02% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted its holdings in Zynerba Pharmaceuticals by 5.5% during the first quarter. Bank of New York Mellon Corp now owns 12,165 shares of the company’s stock worth $245,000 after buying an additional 635 shares in the last quarter. Nationwide Fund Advisors purchased a new stake in Zynerba Pharmaceuticals during the second quarter worth about $110,000. The Manufacturers Life Insurance Company purchased a new stake in Zynerba Pharmaceuticals during the second quarter worth about $158,000. Rothschild Investment Corp IL boosted its holdings in Zynerba Pharmaceuticals by 25.1% during the second quarter. Rothschild Investment Corp IL now owns 57,070 shares of the company’s stock worth $968,000 after buying an additional 11,450 shares in the last quarter. Finally, New York State Common Retirement Fund purchased a new stake in Zynerba Pharmaceuticals during the second quarter worth about $207,000. 34.72% of the stock is currently owned by hedge funds and other institutional investors.
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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