Zynerba Pharmaceuticals (NASDAQ:ZYNE) was downgraded by Zacks Investment Research from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Tuesday, 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 analysts have also recently issued reports on ZYNE. Canaccord Genuity reissued a "buy" rating and set a $18.00 price target on shares of Zynerba Pharmaceuticals in a research report on Friday, February 5th. HC Wainwright reduced their price target on shares of Zynerba Pharmaceuticals from $12.00 to $9.00 and set a "buy" rating on the stock in a research report on Monday, December 21st. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. Zynerba Pharmaceuticals presently has an average rating of "Buy" and an average target price of $13.46.
NASDAQ ZYNE traded down $0.47 during trading hours on Tuesday, reaching $4.44. The company had a trading volume of 4,380 shares, compared to its average volume of 8,242,936. The stock has a 50-day moving average of $4.32 and a 200 day moving average of $3.90. Zynerba Pharmaceuticals has a 1-year low of $2.55 and a 1-year high of $9.00. The stock has a market capitalization of $130.71 million, a P/E ratio of -2.40 and a beta of 2.83.
Hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its stake in Zynerba Pharmaceuticals by 48.8% in the second quarter. Bank of America Corp DE now owns 13,639 shares of the company's stock valued at $46,000 after purchasing an additional 4,476 shares during the last quarter. Schonfeld Strategic Advisors LLC purchased a new position in Zynerba Pharmaceuticals in the third quarter valued at approximately $38,000. Wedbush Securities Inc. purchased a new position in Zynerba Pharmaceuticals in the third quarter valued at approximately $39,000. Sowell Financial Services LLC increased its stake in Zynerba Pharmaceuticals by 15,625.0% in the fourth quarter. Sowell Financial Services LLC now owns 12,580 shares of the company's stock valued at $42,000 after purchasing an additional 12,500 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Zynerba Pharmaceuticals by 130.7% in the fourth quarter. Bank of New York Mellon Corp now owns 23,454 shares of the company's stock valued at $77,000 after purchasing an additional 13,288 shares during the last quarter. Hedge funds and other institutional investors own 25.99% of the company's stock.
Zynerba Pharmaceuticals Company Profile
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 clinical trial for treating children and adolescent patients with autism spectrum disorder; is in Phase II clinical trial for treating pediatric behavioral and emotional symptoms of 22q11.2 deletion syndrome; and to treat children and adolescent patients with fragile X syndrome.
See Also: What is Elliott Wave theory?
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
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]
7 Entertainment Stocks That Are Still Delighting Investors
2020 has created a real-life movie script that many production companies could have only dreamed of. But that dream has been a nightmare for many of the world’s leading entertainment stocks. Movie theaters and live entertainment venues remain shut down. The words “pent-up demand” have never resonated more. Consumers are desperate for ways to be entertained.
That may make it an odd time to consider looking at entertainment stocks. But that would be a mistake. In fact, some entertainment stocks have been among the biggest pandemic winners. This is a trend that is likely to continue as the holidays arrive. The phrase “home for the holidays” is likely to have a new meaning this year. That means consumers will still be looking for ways to be entertained. And now is the time for you to prepare your portfolio for that move.
To be clear, the novel coronavirus was not due to poor management from any company. And you can bet that in the future, many companies will leave some room in their balance sheet for future “acts of God.” But in the meantime, some entertainment stocks have been pandemic winners. And that means they will likely continue to be winners as long as the pandemic lingers.
View the "7 Entertainment Stocks That Are Still Delighting Investors".