Zynerba Pharmaceuticals (ZYNE) closed at $10.01 in the latest trading session, marking a +1.11% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.22%. Elsewhere, the Dow lost 0.22%, while the tech-heavy Nasdaq lost 0.23%.
Heading into today, shares of the specialty pharmaceutical company had gained 75.22% over the past month, outpacing the Medical sector's loss of 5.31% and the S&P 500's gain of 4.87% in that time.
Investors will be hoping for strength from ZYNE as it approaches its next earnings release. On that day, ZYNE is projected to report earnings of -$0.46 per share, which would represent year-over-year growth of 49.45%.
It is also important to note the recent changes to analyst estimates for ZYNE. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. ZYNE is currently sporting a Zacks Rank of #2 (Buy).
The Medical - Generic Drugs industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 176, which puts it in the bottom 31% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Zynerba Pharmaceuticals, Inc. (ZYNE) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research