Zynerba Pharmaceuticals (NASDAQ:ZYNE)‘s stock had its “hold” rating reaffirmed by stock analysts at Oppenheimer in a report issued on Tuesday.
Several other research firms have also issued reports on ZYNE. Zacks Investment Research raised Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Friday, December 8th. Cantor Fitzgerald set a $17.00 price target on Zynerba Pharmaceuticals and gave the company a “buy” rating in a research report on Monday, November 20th. HC Wainwright reissued a “buy” rating and set a $23.00 price target on shares of Zynerba Pharmaceuticals in a research report on Thursday, February 1st. Piper Jaffray Companies upped their price target on Zynerba Pharmaceuticals from $16.00 to $20.00 in a research report on Tuesday, November 14th. Finally, Canaccord Genuity set a $18.00 price target on Zynerba Pharmaceuticals and gave the company a “buy” rating in a research report on Monday, December 4th. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $17.77.
Shares of Zynerba Pharmaceuticals (NASDAQ ZYNE) opened at $10.39 on Tuesday. The stock has a market capitalization of $162.24 and a P/E ratio of -4.01. Zynerba Pharmaceuticals has a 52-week low of $5.42 and a 52-week high of $25.95.
In related news, major shareholder Michael Rapp bought 15,000 shares of the company’s stock in a transaction on Tuesday, January 2nd. The shares were purchased at an average cost of $12.99 per share, with a total value of $194,850.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 9.91% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of ZYNE. Perceptive Advisors LLC increased its position in Zynerba Pharmaceuticals by 230.7% in the third quarter. Perceptive Advisors LLC now owns 130,700 shares of the company’s stock worth $1,320,000 after buying an additional 230,700 shares during the period. RTW Investments LP acquired a new stake in Zynerba Pharmaceuticals in the third quarter worth $1,672,000. State Street Corp acquired a new stake in Zynerba Pharmaceuticals in the second quarter worth $2,698,000. Northern Trust Corp increased its position in Zynerba Pharmaceuticals by 420.5% in the second quarter. Northern Trust Corp now owns 135,876 shares of the company’s stock worth $2,306,000 after buying an additional 109,770 shares during the period. Finally, Granite Point Capital Management L.P. increased its position in Zynerba Pharmaceuticals by 47.9% in the third 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. 29.07% of the stock is currently owned by hedge funds and other institutional investors.
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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