Zynerba Pharmaceuticals (ZYNE) Trading Up 5.1% Following Earnings Beat

Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE)’s share price was up 5.1% during trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $5.14 and last traded at $5.11. Approximately 736,648 shares traded hands during mid-day trading, a decline of 30% from the average daily volume of 1,048,403 shares. The stock had previously closed at $4.86.

The company reported ($0.44) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.65) by $0.21. The business had revenue of $0.09 million for the quarter.

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A number of research firms have weighed in on ZYNE. ValuEngine downgraded Zynerba Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Monday, February 4th. Cantor Fitzgerald set a $21.00 target price on Zynerba Pharmaceuticals and gave the stock a “buy” rating in a research report on Wednesday, December 5th. Zacks Investment Research downgraded Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Sunday, January 27th. Finally, HC Wainwright set a $23.00 target price on Zynerba Pharmaceuticals and gave the stock a “buy” rating in a research report on Tuesday, November 13th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $13.38.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc raised its position in Zynerba Pharmaceuticals by 23.8% in the third quarter. Vanguard Group Inc now owns 651,400 shares of the company’s stock worth $5,316,000 after purchasing an additional 125,327 shares in the last quarter. Virtu Financial LLC bought a new position in Zynerba Pharmaceuticals in the fourth quarter valued at approximately $40,000. Zeke Capital Advisors LLC bought a new position in Zynerba Pharmaceuticals in the third quarter valued at approximately $193,000. Vanguard Group Inc. boosted its stake in Zynerba Pharmaceuticals by 23.8% in the third quarter. Vanguard Group Inc. now owns 651,400 shares of the company’s stock valued at $5,316,000 after acquiring an additional 125,327 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC bought a new position in shares of Zynerba Pharmaceuticals during the third quarter worth $157,000. Institutional investors and hedge funds own 16.40% of the company’s stock.

The stock has a market capitalization of $85.67 million, a price-to-earnings ratio of -2.06 and a beta of 4.98.

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About Zynerba Pharmaceuticals (NASDAQ:ZYNE)

Zynerba Pharmaceuticals, Inc operates as a clinical stage specialty pharmaceutical company. The company focuses on developing and commercializing pharmaceutically-produced transdermal cannabinoid treatments for rare or near-rare neuropsychiatric disorders. Its product candidates include ZYN002, which completed Phase II clinical trial for pediatric and adolescent patients with fragile X syndrome, pediatric and adolescent patients with developmental and epileptic encephalopathies, and adult patients with refractory epileptic focal seizures; and ZYN001 that is in Phase I clinical trial to treat Tourette syndrome.

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