Zynerba Pharmaceuticals, Inc. (ZYNE) Stock Price Up 6.1%

Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) rose 6.1% during trading on Tuesday . The stock traded as high as $10.12 and last traded at $9.95. Approximately 635,146 shares traded hands during trading, a decline of 52% from the average daily volume of 1,336,680 shares. The stock had previously closed at $9.38.

ZYNE has been the subject of several recent research reports. Jefferies Group LLC restated a “buy” rating and set a $32.00 price objective on shares of Zynerba Pharmaceuticals in a report on Sunday, July 9th. Maxim Group set a $32.00 price objective on Zynerba Pharmaceuticals and gave the company a “buy” rating in a report on Monday, June 26th. Oppenheimer Holdings, Inc. set a $8.00 price objective on Zynerba Pharmaceuticals and gave the company a “buy” rating in a report on Monday, August 7th. Cantor Fitzgerald set a $28.00 price objective on Zynerba Pharmaceuticals and gave the company a “buy” rating in a report on Tuesday, August 1st. Finally, HC Wainwright set a $30.00 price objective on Zynerba Pharmaceuticals and gave the company a “buy” rating in a report on Tuesday, August 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. Zynerba Pharmaceuticals currently has an average rating of “Hold” and an average price target of $14.63.

The company’s market capitalization is $131.91 million. The stock has a 50 day moving average of $7.44 and a 200 day moving average of $7.44.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last posted its quarterly earnings data on Tuesday, August 1st. The company reported ($0.64) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.60) by ($0.04). Analysts forecast that Zynerba Pharmaceuticals, Inc. will post ($2.42) EPS for the current fiscal year.

A number of hedge funds have recently bought and sold shares of ZYNE. Bank of New York Mellon Corp increased its position in Zynerba Pharmaceuticals by 5.5% during the 1st quarter. Bank of New York Mellon Corp now owns 12,165 shares of the company’s stock valued at $245,000 after buying an additional 635 shares in the last quarter. SG Americas Securities LLC bought a new position in Zynerba Pharmaceuticals during the 1st quarter valued at approximately $188,000. Chartwell Investment Partners LLC bought a new position in Zynerba Pharmaceuticals during the 1st quarter valued at approximately $1,516,000. MARSHALL WACE ASIA Ltd bought a new position in Zynerba Pharmaceuticals during the 1st quarter valued at approximately $1,645,000. Finally, Marshall Wace North America L.P. bought a new position in Zynerba Pharmaceuticals during the 1st quarter valued at approximately $9,362,000. 34.32% of the stock is owned by institutional investors.

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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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