StockNews.com Initiates Coverage on Zynerba Pharmaceuticals (NASDAQ:ZYNE)

Investment analysts at StockNews.com began coverage on shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE – Get Rating) in a research report issued on Sunday. The brokerage set a “hold” rating on the stock.

Zynerba Pharmaceuticals Stock Down 2.0 %

Shares of NASDAQ:ZYNE opened at $0.44 on Friday. Zynerba Pharmaceuticals has a 52-week low of $0.39 and a 52-week high of $2.28. The stock has a market cap of $20.13 million, a price-to-earnings ratio of -0.51 and a beta of 1.74. The business has a 50-day moving average price of $0.54 and a 200-day moving average price of $0.66.

Institutional Investors Weigh In On Zynerba Pharmaceuticals

A number of large investors have recently modified their holdings of ZYNE. Cetera Advisor Networks LLC purchased a new position in Zynerba Pharmaceuticals during the second quarter worth about $28,000. Verition Fund Management LLC purchased a new position in shares of Zynerba Pharmaceuticals in the second quarter valued at approximately $35,000. Jane Street Group LLC acquired a new position in shares of Zynerba Pharmaceuticals in the third quarter worth $46,000. UBS Group AG raised its holdings in shares of Zynerba Pharmaceuticals by 145.2% in the 1st quarter. UBS Group AG now owns 27,621 shares of the company’s stock valued at $56,000 after purchasing an additional 16,357 shares in the last quarter. Finally, Two Sigma Investments LP acquired a new stake in Zynerba Pharmaceuticals in the third quarter valued at $90,000. Hedge funds and other institutional investors own 23.82% of the company’s stock.

About Zynerba Pharmaceuticals

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Zynerba Pharmaceuticals, Inc engages in the provision of pharmaceutically-produced transdermal cannabinoid therapies. It focuses on the research and development of rare and near-rare neuropsychiatric conditions. The firm offers the Zygel product, which is formulated as a permeation-enhanced gel for transdermal delivery.