FY2023 Earnings Estimate for Zynerba Pharmaceuticals, Inc. Issued By Cantor Fitzgerald (NASDAQ:ZYNE)

Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE – Get Rating) – Equities researchers at Cantor Fitzgerald dropped their FY2023 earnings estimates for Zynerba Pharmaceuticals in a note issued to investors on Thursday, May 18th. Cantor Fitzgerald analyst C. Duncan now anticipates that the company will post earnings of ($0.86) per share for the year, down from their previous forecast of ($0.71). Cantor Fitzgerald currently has a “Overweight” rating on the stock. The consensus estimate for Zynerba Pharmaceuticals’ current full-year earnings is ($0.78) per share.

Zynerba Pharmaceuticals (NASDAQ:ZYNE – Get Rating) last posted its quarterly earnings results on Monday, May 15th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02).

Separately, StockNews.com assumed coverage on shares of Zynerba Pharmaceuticals in a research note on Monday. They issued a “sell” rating for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $11.00.

Zynerba Pharmaceuticals Trading Down 6.3 %

Zynerba Pharmaceuticals stock opened at $0.30 on Monday. The firm’s 50 day simple moving average is $0.40 and its 200 day simple moving average is $0.51. The firm has a market capitalization of $16.10 million, a PE ratio of -0.36 and a beta of 1.73. Zynerba Pharmaceuticals has a 1-year low of $0.30 and a 1-year high of $1.60.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Cetera Advisor Networks LLC purchased a new stake in shares of Zynerba Pharmaceuticals during the 2nd quarter valued at about $28,000. UBS Group AG boosted its holdings in shares of Zynerba Pharmaceuticals by 145.2% during the 1st quarter. UBS Group AG now owns 27,621 shares of the company’s stock valued at $56,000 after acquiring an additional 16,357 shares during the last quarter. Verition Fund Management LLC purchased a new stake in shares of Zynerba Pharmaceuticals during the 2nd quarter valued at about $35,000. Jane Street Group LLC purchased a new stake in shares of Zynerba Pharmaceuticals during the 3rd quarter valued at about $46,000. Finally, Vident Investment Advisory LLC boosted its holdings in shares of Zynerba Pharmaceuticals by 66.1% during the 1st quarter. Vident Investment Advisory LLC now owns 83,977 shares of the company’s stock valued at $172,000 after acquiring an additional 33,418 shares during the last quarter. 23.82% of the stock is currently owned by institutional investors.

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.