Zynerba Pharmaceuticals, Inc Major Shareholder Buys $424,405.45 in Stock

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Zynerba Pharmaceuticals, Inc Major Shareholder Buys $424,405.45 in Stock


Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) major shareholder Michael Rapp acquired 44,255 shares of Zynerba Pharmaceuticals stock in a transaction that occurred on Thursday, October 19th. The stock was acquired at an average cost of $9.59 per share, with a total value of $424,405.45. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Michael Rapp also recently made the following trade(s):

  • On Monday, October 23rd, Michael Rapp acquired 25,745 shares of Zynerba Pharmaceuticals stock. The stock was acquired at an average cost of $9.94 per share, with a total value of $255,905.30.

Shares of Zynerba Pharmaceuticals, Inc. (ZYNE) traded up $0.70 on Thursday, hitting $11.60. 460,727 shares of the stock were exchanged, compared to its average volume of 646,915. Zynerba Pharmaceuticals, Inc. has a 12-month low of $5.42 and a 12-month high of $25.95.

Institutional investors and hedge funds have recently made changes to their positions in the company. Nationwide Fund Advisors purchased a new stake in shares of Zynerba Pharmaceuticals during the second quarter valued at $110,000. The Manufacturers Life Insurance Company purchased a new stake in Zynerba Pharmaceuticals in the second quarter valued at $158,000. SG Americas Securities LLC purchased a new stake in Zynerba Pharmaceuticals in the first quarter valued at $188,000. Bank of New York Mellon Corp boosted its holdings in Zynerba Pharmaceuticals by 5.5% in the first quarter. Bank of New York Mellon Corp now owns 12,165 shares of the company’s stock valued at $245,000 after purchasing an additional 635 shares during the last quarter. Finally, New York State Common Retirement Fund purchased a new stake in Zynerba Pharmaceuticals in the second quarter valued at $207,000. 34.67% of the stock is currently owned by hedge funds and other institutional investors.

A number of brokerages recently commented on ZYNE. Oppenheimer Holdings, Inc. downgraded shares of Zynerba Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research note on Monday, August 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $28.00 price target on shares of Zynerba Pharmaceuticals in a research report on Tuesday, August 8th. Jefferies Group LLC downgraded Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating and reduced their price target for the stock from $12.00 to $7.00 in a research report on Tuesday, August 15th. ValuEngine raised Zynerba Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Friday, September 1st. Finally, Zacks Investment Research raised Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, July 13th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. Zynerba Pharmaceuticals presently has a consensus rating of “Hold” and a consensus price target of $14.22.

About Zynerba Pharmaceuticals

Zynerba Pharmaceuticals, Inc is a specialty pharmaceutical company. The Company is engaged in developing and commercializing transdermal synthetic cannabinoid treatments for patients with high unmet needs. Its development pipeline includes two product candidates: ZYN002 and ZYN001. ZYN002 is a synthetic cannabidiol (CBD), which is a non-psychoactive cannabinoid, formulated as a patent-protected permeation-enhanced gel for transdermal delivery through the skin and into the circulatory system.



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