Zynerba Pharmaceuticals (NASDAQ:ZYNE) traded up 0.5% on Thursday . The company traded as high as $10.24 and last traded at $9.71. 65,339 shares were traded during trading, a decline of 80% from the average session volume of 321,085 shares. The stock had previously closed at $9.66.
A number of equities research analysts recently weighed in on the company. ValuEngine downgraded Zynerba Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Monday, April 2nd. Zacks Investment Research raised Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a research report on Thursday, March 15th. Seaport Global Securities reaffirmed a “buy” rating on shares of Zynerba Pharmaceuticals in a research report on Tuesday, March 13th. Oppenheimer reaffirmed a “hold” rating on shares of Zynerba Pharmaceuticals in a research report on Tuesday, March 13th. Finally, HC Wainwright set a $23.00 price objective on Zynerba Pharmaceuticals and gave the company a “buy” rating in a research report on Tuesday, March 13th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $17.86.
The firm has a market capitalization of $131.00, a price-to-earnings ratio of -4.10 and a beta of 4.94.
In other Zynerba Pharmaceuticals news, major shareholder Michael Rapp purchased 10,000 shares of the stock in a transaction on Thursday, March 22nd. The stock was acquired at an average price of $9.28 per share, with a total value of $92,800.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 9.91% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of ZYNE. The Manufacturers Life Insurance Company acquired a new stake in Zynerba Pharmaceuticals in the second quarter worth about $158,000. Engineers Gate Manager LP acquired a new stake in Zynerba Pharmaceuticals in the third quarter worth about $263,000. Alliancebernstein L.P. acquired a new stake in Zynerba Pharmaceuticals in the fourth quarter worth about $264,000. Wells Fargo & Company MN boosted its holdings in Zynerba Pharmaceuticals by 3,759.5% in the third quarter. Wells Fargo & Company MN now owns 34,079 shares of the company’s stock worth $285,000 after acquiring an additional 33,196 shares in the last quarter. Finally, California State Teachers Retirement System acquired a new stake in Zynerba Pharmaceuticals in the second quarter worth about $343,000. 28.92% of the stock is owned by institutional investors and hedge funds.
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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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