Cantor Fitzgerald downgraded shares of Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) from an overweight rating to a neutral rating in a research note published on Monday, August 7th, Marketbeat reports. The brokerage currently has $4.00 target price on the stock, down from their previous target price of $28.00. Cantor Fitzgerald also issued estimates for Zynerba Pharmaceuticals’ FY2017 earnings at ($2.48) EPS and FY2018 earnings at ($2.41) EPS.
Several other analysts have also recently weighed in on the company. Piper Jaffray Companies cut Zynerba Pharmaceuticals from an overweight rating to a neutral rating and reduced their price target for the stock from $42.00 to $7.00 in a report on Monday, August 7th. Zacks Investment Research cut Zynerba Pharmaceuticals from a hold rating to a sell rating in a report on Friday, August 4th. Maxim Group set a $32.00 price target on Zynerba Pharmaceuticals and gave the stock a buy rating in a report on Tuesday, August 1st. HC Wainwright set a $30.00 price target on Zynerba Pharmaceuticals and gave the stock a buy rating in a report on Tuesday, August 1st. Finally, BidaskClub upgraded Zynerba Pharmaceuticals from a sell rating to a hold rating in a report on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. Zynerba Pharmaceuticals currently has an average rating of Hold and an average price target of $12.67.
Shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) traded down 1.11% during midday trading on Monday, reaching $6.25. 424,137 shares of the company’s stock were exchanged. The company’s 50 day moving average is $14.21 and its 200-day moving average is $18.65. The stock’s market cap is $82.86 million. Zynerba Pharmaceuticals has a 12 month low of $5.42 and a 12 month high of $25.95.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) last released its quarterly earnings results on Tuesday, August 1st. The company reported ($0.64) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.60) by $0.04. Equities analysts forecast that Zynerba Pharmaceuticals will post ($2.45) EPS for the current fiscal year.
A number of institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System acquired a new position in shares of Zynerba Pharmaceuticals during the second quarter valued at about $343,000. The Manufacturers Life Insurance Company purchased a new position in shares of Zynerba Pharmaceuticals during the second quarter worth $158,000. State Street Corp purchased a new position in shares of Zynerba Pharmaceuticals during the second quarter worth $2,698,000. Virtu KCG Holdings LLC purchased a new position in shares of Zynerba Pharmaceuticals during the second quarter worth $535,000. Finally, Parametric Portfolio Associates LLC purchased a new position in shares of Zynerba Pharmaceuticals during the second quarter worth $223,000. 26.74% 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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