Zynerba Pharmaceuticals (NASDAQ:ZYNE) Stock Rating Upgraded by Zacks Investment Research

Zynerba Pharmaceuticals (NASDAQ:ZYNE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday, Zacks.com reports.

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. “

Several other equities research analysts have also recently commented on the company. UBS Group reissued a “positive” rating on shares of Zynerba Pharmaceuticals in a report on Monday, September 13th. HC Wainwright reissued a “buy” rating and set a $9.00 target price on shares of Zynerba Pharmaceuticals in a report on Tuesday, September 21st. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $9.20.

Shares of NASDAQ ZYNE opened at $4.46 on Friday. The stock has a 50 day simple moving average of $4.35 and a 200-day simple moving average of $4.69. The company has a market cap of $183.98 million, a PE ratio of -4.09 and a beta of 2.40. Zynerba Pharmaceuticals has a 12-month low of $3.15 and a 12-month high of $9.00.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last issued its quarterly earnings data on Monday, August 9th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.22) by ($0.03). As a group, equities research analysts forecast that Zynerba Pharmaceuticals will post -1.07 earnings per share for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of ZYNE. BlackRock Inc. increased its holdings in shares of Zynerba Pharmaceuticals by 46.6% in the first quarter. BlackRock Inc. now owns 595,021 shares of the company’s stock valued at $2,766,000 after buying an additional 189,103 shares in the last quarter. AdvisorShares Investments LLC increased its holdings in shares of Zynerba Pharmaceuticals by 152.0% in the first quarter. AdvisorShares Investments LLC now owns 1,537,539 shares of the company’s stock valued at $7,150,000 after buying an additional 927,494 shares in the last quarter. Davy Global Fund Management Ltd grew its position in Zynerba Pharmaceuticals by 899.9% during the 1st quarter. Davy Global Fund Management Ltd now owns 721,587 shares of the company’s stock worth $3,355,000 after purchasing an additional 649,418 shares in the last quarter. Geode Capital Management LLC grew its position in Zynerba Pharmaceuticals by 41.5% during the 1st quarter. Geode Capital Management LLC now owns 238,923 shares of the company’s stock worth $1,110,000 after purchasing an additional 70,113 shares in the last quarter. Finally, Penserra Capital Management LLC grew its position in Zynerba Pharmaceuticals by 176.1% during the 1st quarter. Penserra Capital Management LLC now owns 356,876 shares of the company’s stock worth $1,658,000 after purchasing an additional 227,624 shares in the last quarter. 35.51% of the stock is currently owned by institutional investors.

About Zynerba Pharmaceuticals

Zynerba Pharmaceuticals, Inc engages in the provision of pharmaceutically-produced transdermal cannabinoid therapies. It focuses on research and development of rare and near-rare neuropsychiatric conditions. The firm offers Zygel product, which formulated as a permeation-enhanced gel for transdermal delivery.

Recommended Story: Percentage Gainers

Get a free copy of the Zacks research report on Zynerba Pharmaceuticals (ZYNE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Zynerba Pharmaceuticals (NASDAQ:ZYNE)

Receive News & Ratings for Zynerba Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Zynerba Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.