Zynerba Pharmaceuticals (NASDAQ:ZYNE) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research downgraded shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) from a hold rating to a sell rating in a research note published on Saturday morning, Zacks.com reports.

According to Zacks, “Zynerba Pharmaceuticals, Inc. is a specialty pharmaceutical company which focuses on developing and commercializing proprietary synthetic cannabinoid therapeutics formulated for transdermal delivery. Its product candidates which are in clinical trial stage include ZYN002 and ZYN001 synthetic transdermal cannabinoid therapeutics for indications including refractory epilepsy, Fragile X syndrome, osteoarthritis, fibromyalgia and peripheral neuropathic pain. Zynerba Pharmaceuticals, Inc. is headquartered in Devon, Pennsylvania. “

Several other equities analysts have also weighed in on the stock. LADENBURG THALM/SH SH restated a buy rating and set a $26.00 price target on shares of Zynerba Pharmaceuticals in a research report on Wednesday, September 18th. Needham & Company LLC started coverage on shares of Zynerba Pharmaceuticals in a research report on Monday, October 21st. They set a buy rating and a $18.00 price target for the company. Jefferies Financial Group restated a hold rating and set a $11.00 price target on shares of Zynerba Pharmaceuticals in a research report on Monday, September 16th. Finally, ValuEngine upgraded shares of Zynerba Pharmaceuticals from a strong sell rating to a sell rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company. Zynerba Pharmaceuticals currently has an average rating of Hold and an average target price of $20.13.

ZYNE traded down $0.02 during trading on Friday, hitting $6.43. 1,323,200 shares of the company’s stock were exchanged, compared to its average volume of 1,522,152. The stock has a market cap of $165.40 million, a P/E ratio of -2.46 and a beta of 4.74. The business’s 50 day moving average is $7.72 and its two-hundred day moving average is $11.02. Zynerba Pharmaceuticals has a fifty-two week low of $2.75 and a fifty-two week high of $16.47.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.44) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.52) by $0.08. As a group, research analysts expect that Zynerba Pharmaceuticals will post -2.03 earnings per share for the current year.

Large investors have recently modified their holdings of the business. NEXT Financial Group Inc boosted its position in Zynerba Pharmaceuticals by 1,190.0% during the second quarter. NEXT Financial Group Inc now owns 1,935 shares of the company’s stock worth $26,000 after purchasing an additional 1,785 shares during the period. Prestige Wealth Management Group LLC bought a new position in Zynerba Pharmaceuticals during the second quarter worth about $54,000. Wells Fargo & Company MN boosted its position in Zynerba Pharmaceuticals by 110.1% during the second quarter. Wells Fargo & Company MN now owns 4,205 shares of the company’s stock worth $57,000 after purchasing an additional 2,204 shares during the period. Tower Research Capital LLC TRC bought a new position in Zynerba Pharmaceuticals during the second quarter worth about $72,000. Finally, Sterling Investment Advisors Ltd. bought a new position in Zynerba Pharmaceuticals during the second quarter worth about $81,000. Hedge funds and other institutional investors own 36.72% of the company’s stock.

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.

Recommended Story: What is the 52-week high/low?

Get a free copy of the Zacks research report on Zynerba Pharmaceuticals (ZYNE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Zynerba Pharmaceuticals (NASDAQ:ZYNE)

Receive News & Ratings for Zynerba Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Zynerba Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.