Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE) Given Average Rating of “Buy” by Brokerages

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Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE) has been given an average recommendation of “Buy” by the nine analysts that are covering the company, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $22.60.

Several equities analysts have weighed in on ZYNE shares. BidaskClub cut Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday, July 11th. ValuEngine cut Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Cantor Fitzgerald lifted their target price on Zynerba Pharmaceuticals from $12.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, May 31st. Canaccord Genuity set a $18.00 target price on Zynerba Pharmaceuticals and gave the company a “buy” rating in a research note on Friday, June 28th. Finally, Zacks Investment Research cut Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Saturday, June 8th.

ZYNE traded down $0.39 during trading on Thursday, reaching $8.45. The company had a trading volume of 4,047,708 shares, compared to its average volume of 1,701,192. The firm’s 50-day simple moving average is $11.01 and its 200 day simple moving average is $10.67. The company has a market cap of $267.01 million, a price-to-earnings ratio of -3.24 and a beta of 4.80. Zynerba Pharmaceuticals has a 12-month low of $2.75 and a 12-month high of $16.47.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last released its earnings results on Tuesday, August 6th. The company reported ($0.50) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.50). Analysts anticipate that Zynerba Pharmaceuticals will post -2.03 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the business. NEXT Financial Group Inc grew its stake in Zynerba Pharmaceuticals by 1,190.0% during the 2nd quarter. NEXT Financial Group Inc now owns 1,935 shares of the company’s stock valued at $26,000 after acquiring an additional 1,785 shares in the last quarter. Prestige Wealth Management Group LLC purchased a new position in Zynerba Pharmaceuticals during the 2nd quarter valued at about $54,000. Wells Fargo & Company MN grew its stake in Zynerba Pharmaceuticals by 110.1% during the 2nd quarter. Wells Fargo & Company MN now owns 4,205 shares of the company’s stock valued at $57,000 after acquiring an additional 2,204 shares in the last quarter. Tower Research Capital LLC TRC purchased a new position in Zynerba Pharmaceuticals during the 2nd quarter valued at about $72,000. Finally, Sterling Investment Advisors Ltd. acquired a new stake in shares of Zynerba Pharmaceuticals during the 2nd quarter valued at about $81,000. 36.68% of the stock is currently owned by institutional investors.

Zynerba Pharmaceuticals Company Profile

Zynerba Pharmaceuticals, Inc operates as a clinical stage specialty pharmaceutical company. It focuses on developing pharmaceutically-produced transdermal cannabinoid therapies for rare and near-rare neuropsychiatric disorders. The company is developing Zygel, a transdermal cannabidiol gel, which is in Phase II clinical trial for treating children and adolescent patients with developmental and epileptic encephalopathies; is in Phase II/III clinical trial to treat children and adolescent patients with fragile X syndrome; and is in Phase II clinical trial for treating children and adolescent patients with autism spectrum disorder.

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Analyst Recommendations for Zynerba Pharmaceuticals (NASDAQ:ZYNE)

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