Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) had its target price lifted by stock analysts at Piper Jaffray Companies from $16.00 to $20.00 in a research note issued on Tuesday. Piper Jaffray Companies’ price target points to a potential upside of 65.15% from the company’s current price.
Several other research firms have also weighed in on ZYNE. Oppenheimer Holdings, Inc. set a $8.00 target price on Zynerba Pharmaceuticals and gave the stock a “buy” rating in a report on Monday, August 7th. Maxim Group set a $32.00 target price on Zynerba Pharmaceuticals and gave the stock a “buy” rating in a report on Tuesday, August 1st. CIBC reiterated a “market perform” rating on shares of Zynerba Pharmaceuticals in a report on Tuesday, August 15th. Zacks Investment Research upgraded Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. Finally, Canaccord Genuity lifted their target price on Zynerba Pharmaceuticals from $9.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, September 29th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. Zynerba Pharmaceuticals presently has an average rating of “Hold” and a consensus target price of $14.67.
Zynerba Pharmaceuticals (ZYNE) traded down $0.33 during trading hours on Tuesday, hitting $12.11. The stock had a trading volume of 892,600 shares, compared to its average volume of 649,127. Zynerba Pharmaceuticals has a 1-year low of $5.42 and a 1-year high of $25.95.
In other news, major shareholder Michael Rapp purchased 25,745 shares of the business’s stock in a transaction dated Monday, October 23rd. The shares were bought at an average cost of $9.94 per share, for a total transaction of $255,905.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 10.02% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Nationwide Fund Advisors acquired a new stake in shares of Zynerba Pharmaceuticals in the second quarter valued at about $110,000. The Manufacturers Life Insurance Company acquired a new position in Zynerba Pharmaceuticals during the second quarter worth approximately $158,000. Bank of New York Mellon Corp increased its position 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 during the last quarter. New York State Common Retirement Fund acquired a new position in Zynerba Pharmaceuticals during the second quarter worth approximately $207,000. Finally, Parametric Portfolio Associates LLC acquired a new position in Zynerba Pharmaceuticals during the second quarter worth approximately $223,000. 34.72% 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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