Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE)’s share price traded up 7.1% on Tuesday . The company traded as high as $5.45 and last traded at $4.96, 2,076,982 shares traded hands during mid-day trading. An increase of 238% from the average session volume of 613,710 shares. The stock had previously closed at $4.63.
A number of research analysts recently weighed in on the stock. Roth Capital assumed coverage on shares of Zynerba Pharmaceuticals in a research note on Tuesday, December 31st. They issued a “buy” rating and a $12.00 price objective for the company. ValuEngine raised shares of Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, January 29th. HC Wainwright reissued a “buy” rating on shares of Zynerba Pharmaceuticals in a report on Thursday, February 20th. Finally, Zacks Investment Research downgraded shares of Zynerba Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $16.29.
The business’s 50-day simple moving average is $5.18 and its 200-day simple moving average is $7.29. The stock has a market cap of $105.33 million, a PE ratio of -2.87 and a beta of 4.59.
A number of institutional investors and hedge funds have recently made changes to their positions in ZYNE. Morgan Stanley grew its holdings in Zynerba Pharmaceuticals by 25.8% in the second quarter. Morgan Stanley now owns 128,769 shares of the company’s stock worth $1,745,000 after purchasing an additional 26,390 shares during the period. Commonwealth Equity Services LLC grew its stake in Zynerba Pharmaceuticals by 34.1% during the third quarter. Commonwealth Equity Services LLC now owns 18,092 shares of the company’s stock valued at $136,000 after acquiring an additional 4,600 shares in the last quarter. SG Americas Securities LLC grew its stake in Zynerba Pharmaceuticals by 174.4% during the third quarter. SG Americas Securities LLC now owns 42,463 shares of the company’s stock valued at $321,000 after acquiring an additional 26,990 shares in the last quarter. State Street Corp grew its stake in Zynerba Pharmaceuticals by 8.9% during the third quarter. State Street Corp now owns 383,997 shares of the company’s stock valued at $2,903,000 after acquiring an additional 31,345 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in Zynerba Pharmaceuticals during the third quarter valued at $170,000. Institutional investors and hedge funds own 46.32% of the company’s stock.
About Zynerba Pharmaceuticals (NASDAQ:ZYNE)
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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