Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE) Given Average Recommendation of “Buy” by Brokerages

Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE) has received an average rating of “Buy” from the nine research firms that are currently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $12.46.

ZYNE has been the topic of a number of recent research reports. Zacks Investment Research reissued a “buy” rating and set a $6.25 price target on shares of Zynerba Pharmaceuticals in a research report on Saturday, May 30th. HC Wainwright reissued a “buy” rating and set a $12.00 price target on shares of Zynerba Pharmaceuticals in a research report on Wednesday, July 1st. LADENBURG THALM/SH SH reaffirmed a “buy” rating and set a $26.00 price objective on shares of Zynerba Pharmaceuticals in a research report on Monday, June 29th. Canaccord Genuity dropped their price objective on Zynerba Pharmaceuticals from $18.00 to $12.00 and set a “buy” rating on the stock in a research report on Wednesday, July 1st. Finally, Needham & Company LLC cut Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, July 1st.

ZYNE stock opened at $3.75 on Friday. The business’s fifty day simple moving average is $4.40 and its two-hundred day simple moving average is $4.49. Zynerba Pharmaceuticals has a twelve month low of $2.55 and a twelve month high of $12.51. The firm has a market cap of $93.57 million, a price-to-earnings ratio of -2.39 and a beta of 3.09.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last released its earnings results on Monday, May 11th. The company reported ($0.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.50) by ($0.03). As a group, equities research analysts forecast that Zynerba Pharmaceuticals will post -1.77 earnings per share for the current fiscal year.

Several large investors have recently modified their holdings of the company. AQR Capital Management LLC boosted its stake in shares of Zynerba Pharmaceuticals by 10.2% in the first quarter. AQR Capital Management LLC now owns 27,223 shares of the company’s stock worth $104,000 after acquiring an additional 2,526 shares during the last quarter. UBS Group AG boosted its stake in shares of Zynerba Pharmaceuticals by 7.6% in the fourth quarter. UBS Group AG now owns 37,595 shares of the company’s stock worth $227,000 after acquiring an additional 2,642 shares during the last quarter. Citigroup Inc. boosted its stake in shares of Zynerba Pharmaceuticals by 93.4% in the fourth quarter. Citigroup Inc. now owns 6,940 shares of the company’s stock worth $42,000 after acquiring an additional 3,352 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of Zynerba Pharmaceuticals by 114.9% in the first quarter. BNP Paribas Arbitrage SA now owns 7,095 shares of the company’s stock worth $27,000 after acquiring an additional 3,793 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Zynerba Pharmaceuticals by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 279,499 shares of the company’s stock worth $1,687,000 after acquiring an additional 4,749 shares during the last quarter. 36.63% of the stock is currently owned by hedge funds and other institutional investors.

About Zynerba Pharmaceuticals

Zynerba Pharmaceuticals, Inc operates as a clinical stage specialty pharmaceutical company. It focuses on developing pharmaceutically-produced transdermal cannabinoid therapies for rare and near-rare neuropsychiatric disorders. The company is developing Zygel, a transdermal cannabidiol gel, which is in Phase II clinical trial for treating children and adolescent patients with developmental and epileptic encephalopathies; is in Phase II/III clinical trial to treat children and adolescent patients with fragile X syndrome; and is in Phase II clinical trial for treating children and adolescent patients with autism spectrum disorder.

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Analyst Recommendations for Zynerba Pharmaceuticals (NASDAQ:ZYNE)

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