Several other equities research analysts have also weighed in on ZYNE. Zacks Investment Research raised shares of Zynerba Pharmaceuticals from a sell rating to a hold rating in a report on Thursday, August 10th. Oppenheimer downgraded shares of Zynerba Pharmaceuticals from an outperform rating to a market perform rating in a research report on Monday, August 14th. HC Wainwright downgraded shares of Zynerba Pharmaceuticals from a buy rating to a neutral rating and reduced their price target for the stock from $30.00 to $7.00 in a research report on Tuesday, August 8th. Roth Capital downgraded shares of Zynerba Pharmaceuticals from a buy rating to a neutral rating and reduced their price target for the stock from $30.00 to $7.00 in a research report on Tuesday, August 8th. Finally, Jefferies Group downgraded shares of Zynerba Pharmaceuticals from a buy rating to a hold rating and reduced their price target for the stock from $12.00 to $7.00 in a research report on Tuesday, August 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $15.00.
Shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) traded down $1.45 during trading on Monday, hitting $11.56. 910,600 shares of the stock were exchanged, compared to its average volume of 643,009. Zynerba Pharmaceuticals has a twelve month low of $5.42 and a twelve month high of $25.95.
In related news, major shareholder Michael Rapp purchased 25,745 shares of the firm’s stock in a transaction that occurred on Monday, October 23rd. The shares were bought at an average price of $9.94 per share, for a total transaction of $255,905.30. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 9.91% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Zynerba Pharmaceuticals by 12.4% during the 2nd quarter. Vanguard Group Inc. now owns 478,763 shares of the company’s stock valued at $8,125,000 after buying an additional 52,952 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Zynerba Pharmaceuticals by 65,190.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 326,450 shares of the company’s stock worth $5,539,000 after buying an additional 325,950 shares during the period. Citigroup Inc. lifted its holdings in Zynerba Pharmaceuticals by 13,501.1% in the 2nd quarter. Citigroup Inc. now owns 221,698 shares of the company’s stock worth $3,762,000 after buying an additional 220,068 shares during the period. Granite Point Capital Management L.P. lifted its holdings in Zynerba Pharmaceuticals by 47.9% in the 3rd quarter. Granite Point Capital Management L.P. now owns 200,000 shares of the company’s stock worth $1,672,000 after buying an additional 64,800 shares during the period. Finally, RTW Investments LP purchased a new stake in Zynerba Pharmaceuticals in the 3rd quarter worth approximately $1,672,000. Institutional investors own 26.95% of the company’s stock.
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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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