Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE)’s share price traded up 15.2% on Monday . The company traded as high as $10.60 and last traded at $10.53. 1,081,441 shares were traded during trading, an increase of 214% from the average session volume of 343,888 shares. The stock had previously closed at $9.14.
A number of brokerages have recently commented on ZYNE. Cantor Fitzgerald began coverage on shares of Zynerba Pharmaceuticals in a research note on Monday, March 5th. They issued a “buy” rating and a $17.00 target price on the stock. HC Wainwright set a $23.00 target price on shares of Zynerba Pharmaceuticals and gave the company a “buy” rating in a research note on Tuesday, March 6th. Seaport Global Securities began coverage on shares of Zynerba Pharmaceuticals in a research note on Friday, January 26th. They issued a “buy” rating and a $16.00 target price on the stock. Zacks Investment Research downgraded shares of Zynerba Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, November 18th. Finally, Canaccord Genuity set a $18.00 target price on shares of Zynerba Pharmaceuticals and gave the company a “buy” rating in a research note on Monday, December 4th. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $17.50.
The stock has a market capitalization of $142.72 and a price-to-earnings ratio of -4.07.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its holdings in Zynerba Pharmaceuticals by 1.1% during the 4th quarter. BlackRock Inc. now owns 678,697 shares of the company’s stock valued at $8,497,000 after purchasing an additional 7,091 shares in the last quarter. Vanguard Group Inc. grew its holdings in Zynerba Pharmaceuticals by 12.4% during the 2nd quarter. Vanguard Group Inc. now owns 478,763 shares of the company’s stock worth $8,125,000 after acquiring an additional 52,952 shares in the last quarter. RTW Investments LP acquired a new position in Zynerba Pharmaceuticals during the 3rd quarter worth $1,672,000. Granite Point Capital Management L.P. grew its holdings in Zynerba Pharmaceuticals by 47.9% during the 3rd quarter. Granite Point Capital Management L.P. now owns 200,000 shares of the company’s stock worth $1,672,000 after acquiring an additional 64,800 shares in the last quarter. Finally, State Street Corp acquired a new position in Zynerba Pharmaceuticals during the 2nd quarter worth $2,698,000. 29.07% of the stock is owned by institutional investors and hedge funds.
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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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