Zynerba Pharmaceuticals shares tank after disappointing epilepsy trial results

Zynerba Pharma

Zynerba Pharma

Finally, Roth Capital set a $30.00 price objective on Zynerba Pharmaceuticals and gave the stock a "buy" rating in a research note on Saturday, May 13th. Cantor Fitzgerald set a $28.00 price objective on shares of Zynerba Pharmaceuticals and gave the company a "buy" rating in a research note on Tuesday, August 1st. Finally, Zacks Investment Research raised Zynerba Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Thursday, July 13th. Zynerba Pharmaceuticals has an average rating of "Hold" and an average target price of $31.44.

Zynerba's stock dropped 59% in early morning trading to linger just above $6 per share after the company revealed the disappointing topline results from its Phase 2 STAR1 trial. The company's stock had a trading volume of 7,584,930 shares.

Zynerba Pharmaceuticals, Inc. engages in the research and development of drugs. ZYNE's 50-day average is $17.81 and its two hundred day average is $19.61.

OFS Capital Corporation (NASDAQ:OFS)'s market cap, the total dollar value of all of their outstanding shares, is 187.96m.

Zynerba Pharmaceuticals (NASDAQ:ZYNE) last posted its earnings results on Tuesday, August 1st. The company reported ($0.64) earnings per share for the quarter, missing analysts' consensus estimates of ($0.60) by $0.04. Equities research analysts expect that Zynerba Pharmaceuticals, Inc. will post ($2.46) EPS for the current year.

COPYRIGHT VIOLATION NOTICE: This article was originally published by Week Herald and is the sole property of of Week Herald. If you are accessing this story on another domain, it was illegally copied and reposted in violation of USA and global trademark & copyright law. Following the purchase, the chief financial officer now owns 12,200 shares of the company's stock, valued at $241,804. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Armando Anido acquired 5,000 shares of Zynerba Pharmaceuticals stock in a transaction dated Monday, May 15th. The stock was bought at an average price of $19.70 per share, with a total value of $98,500.00. Following the completion of the transaction, the chairman now owns 336,012 shares of the company's stock, valued at $6,619,436.40. The disclosure for this purchase can be found here. Accern also assigned headlines about the company an impact score of 45.2667347720794 out of 100, meaning that recent news coverage is somewhat unlikely to have an impact on the stock's share price in the immediate future.

A number of large investors have recently modified their holdings of the stock. FNY Managed Accounts LLC acquired a new stake in Zynerba Pharmaceuticals during the first quarter valued at about $180,000. Vanguard Group Inc. boosted its position in Zynerba Pharmaceuticals by 53.9% in the first quarter. MARSHALL WACE ASIA Ltd bought a new stake in shares of Zynerba Pharmaceuticals during the first quarter valued at about $1,645,000. Rhumbline Advisers acquired a new stake in Zynerba Pharmaceuticals during the second quarter worth $232,000. Hedge funds and other institutional investors own 31.08% of the company's stock.

Zynerba Pharmaceuticals, Inc is a specialty pharmaceutical company.

ZYN002, a synthetic transdermal cannabidiol gel, failed to demonstrate a statistically significant reduction of focal seizures with either the high or low dose compared to placebo.

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