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 Saturday.

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 also recently issued research reports about the company. Cantor Fitzgerald reiterated a “hold” rating and set a $4.00 price target on shares of Zynerba Pharmaceuticals in a report on Thursday, September 28th. Jefferies Group LLC downgraded Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating and decreased their price target for the stock from $12.00 to $7.00 in a report on Tuesday, August 15th. HC Wainwright set a $7.00 price target on Zynerba Pharmaceuticals and gave the stock a “hold” rating in a report on Tuesday, August 15th. Maxim Group downgraded Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Monday, August 7th. Finally, Oppenheimer Holdings, Inc. downgraded Zynerba Pharmaceuticals from an “outperform” rating to a “market perform” rating in a report on Monday, August 14th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. Zynerba Pharmaceuticals currently has an average rating of “Hold” and a consensus target price of $14.67.

Shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) opened at $13.88 on Friday. Zynerba Pharmaceuticals has a 1-year low of $5.42 and a 1-year high of $25.95.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last announced its quarterly earnings results on Tuesday, November 14th. The company reported ($0.63) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.58) by ($0.05). During the same period last year, the company posted ($0.67) earnings per share. equities research analysts predict that Zynerba Pharmaceuticals will post -2.46 EPS for the current year.

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In other Zynerba Pharmaceuticals news, major shareholder Michael Rapp acquired 25,745 shares of Zynerba Pharmaceuticals stock in a transaction on Monday, October 23rd. The stock was purchased at an average price of $9.94 per share, for a total transaction of $255,905.30. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 10.02% of the stock is owned by corporate insiders.

A number of large investors have recently made changes to their positions in the business. Bank of New York Mellon Corp grew its stake in Zynerba Pharmaceuticals by 5.5% in the 1st quarter. Bank of New York Mellon Corp now owns 12,165 shares of the company’s stock valued at $245,000 after purchasing an additional 635 shares during the period. Nationwide Fund Advisors bought a new position in Zynerba Pharmaceuticals in the 2nd quarter valued at $110,000. The Manufacturers Life Insurance Company bought a new position in Zynerba Pharmaceuticals in the 2nd quarter valued at $158,000. Rothschild Investment Corp IL grew its stake in Zynerba Pharmaceuticals by 25.1% in the 2nd quarter. Rothschild Investment Corp IL now owns 57,070 shares of the company’s stock valued at $968,000 after purchasing an additional 11,450 shares during the period. Finally, New York State Common Retirement Fund bought a new position in Zynerba Pharmaceuticals in the 2nd quarter valued at $207,000. Hedge funds and other institutional investors own 23.59% of the company’s stock.

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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