Zynerba Pharmaceuticals (NASDAQ:ZYNE) Downgraded to “Hold” at BidaskClub

Zynerba Pharmaceuticals (NASDAQ:ZYNE) was downgraded by equities research analysts at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Wednesday, June 26th, BidAskClub reports.

Several other equities research analysts also recently issued reports on ZYNE. LADENBURG THALM/SH SH restated a “buy” rating and set a $26.00 price objective on shares of Zynerba Pharmaceuticals in a research report on Thursday, May 30th. HC Wainwright reiterated a “buy” rating on shares of Zynerba Pharmaceuticals in a research report on Monday, March 18th. ValuEngine cut shares of Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Tuesday, May 28th. Roth Capital lifted their price objective on shares of Shopify from $275.00 to $225.00 in a research note on Tuesday, April 30th. Finally, Canaccord Genuity began coverage on shares of Zynerba Pharmaceuticals in a research note on Monday, April 22nd. They set a “buy” rating and a $8.09 target price on the stock. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $22.00.

ZYNE stock traded up $0.19 during trading hours on Wednesday, reaching $11.87. 1,372,237 shares of the stock were exchanged, compared to its average volume of 1,910,870. Zynerba Pharmaceuticals has a 12 month low of $2.75 and a 12 month high of $16.47. The company has a market cap of $284.30 million, a P/E ratio of -4.55 and a beta of 4.86. The firm’s 50-day simple moving average is $13.20.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.47) EPS for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.02. On average, equities research analysts predict that Zynerba Pharmaceuticals will post -2.04 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of ZYNE. NEXT Financial Group Inc grew its holdings in shares of 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 purchasing an additional 1,785 shares during the last quarter. Virtu Financial LLC boosted its stake in shares of Zynerba Pharmaceuticals by 66.9% during the 1st quarter. Virtu Financial LLC now owns 22,384 shares of the company’s stock valued at $121,000 after purchasing an additional 8,970 shares in the last quarter. Bernardo Wealth Planning LLC lifted its position in Zynerba Pharmaceuticals by 5.3% during the 1st quarter. Bernardo Wealth Planning LLC now owns 25,419 shares of the company’s stock valued at $138,000 after acquiring an additional 1,278 shares during the period. Two Sigma Investments LP purchased a new position in Zynerba Pharmaceuticals during the 4th quarter valued at about $120,000. Finally, Campbell Capital Management Inc. purchased a new position in Zynerba Pharmaceuticals in the fourth quarter worth about $510,000. Institutional investors and hedge funds own 10.94% of the company’s stock.

About Zynerba Pharmaceuticals

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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