Cantor Fitzgerald assumed coverage on shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) in a research report released on Friday, MarketBeat.com reports. The firm issued an overweight rating and a $21.00 price objective on the stock.
Several other brokerages have also issued reports on ZYNE. Canaccord Genuity decreased their price objective on Zynerba Pharmaceuticals from $18.00 to $15.00 and set a buy rating for the company in a research report on Friday, August 3rd. ValuEngine upgraded Zynerba Pharmaceuticals from a sell rating to a hold rating in a research report on Wednesday, August 8th. Finally, HC Wainwright set a $23.00 price objective on Zynerba Pharmaceuticals and gave the company a buy rating in a research report on Monday, August 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $18.44.
Shares of ZYNE opened at $8.47 on Friday. Zynerba Pharmaceuticals has a 52-week low of $5.59 and a 52-week high of $15.14. The company has a market capitalization of $149.28 million, a P/E ratio of -3.42 and a beta of 4.53.
In other news, CFO James E. Fickenscher bought 8,518 shares of the business’s stock in a transaction on Monday, August 6th. The shares were purchased at an average price of $5.97 per share, for a total transaction of $50,852.46. Following the purchase, the chief financial officer now owns 20,718 shares of the company’s stock, valued at approximately $123,686.46. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Armando Anido bought 15,000 shares of the business’s stock in a transaction on Monday, August 6th. The stock was purchased at an average price of $5.96 per share, for a total transaction of $89,400.00. Following the purchase, the chairman now directly owns 352,512 shares in the company, valued at approximately $2,100,971.52. The disclosure for this purchase can be found here. Insiders purchased a total of 32,318 shares of company stock valued at $194,404 over the last quarter. 12.67% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN lifted its stake in Zynerba Pharmaceuticals by 19.6% in the 1st quarter. Wells Fargo & Company MN now owns 41,414 shares of the company’s stock valued at $360,000 after acquiring an additional 6,782 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Zynerba Pharmaceuticals by 385.6% in the 1st quarter. JPMorgan Chase & Co. now owns 12,217 shares of the company’s stock valued at $106,000 after acquiring an additional 9,701 shares in the last quarter. Alps Advisors Inc. lifted its stake in Zynerba Pharmaceuticals by 41.3% in the 2nd quarter. Alps Advisors Inc. now owns 51,375 shares of the company’s stock valued at $504,000 after acquiring an additional 15,019 shares in the last quarter. Raymond James & Associates bought a new stake in Zynerba Pharmaceuticals in the 2nd quarter valued at approximately $164,000. Finally, A.R.T. Advisors LLC lifted its stake in Zynerba Pharmaceuticals by 33.7% in the 1st quarter. A.R.T. Advisors LLC now owns 86,877 shares of the company’s stock valued at $754,000 after acquiring an additional 21,879 shares in the last quarter. Hedge funds and other institutional investors own 14.22% of the company’s stock.
About Zynerba Pharmaceuticals
Zynerba Pharmaceuticals, Inc operates as a clinical stage specialty pharmaceutical company. The company focuses on developing and commercializing pharmaceutically-produced transdermal cannabinoid treatments for rare or near-rare neuropsychiatric disorders. Its product candidates include ZYN002, which completed Phase II clinical trial for pediatric and adolescent patients with fragile X syndrome, pediatric and adolescent patients with developmental and epileptic encephalopathies, and adult patients with refractory epileptic focal seizures; and ZYN001 that is in Phase I clinical trial to treat Tourette syndrome.
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