Zynerba Updates Analysts On Cannabidiol Treatment

H.C. Wainwright reiterated its Buy rating on Zynerba Pharmaceuticals Inc ZYNE after the company updated on its three P2 clinical programs utilizing ZYN002, its topical gel formulation of cannabidiol (CBD) at its analyst day.

The company said all the three programs would now be completed by “end of the 1H”, versus its prior statement of “completion in 1H17.”

“While this might seem to be a bit longer than some may have liked, we saw nothing concerning in the specific enrollment rates it provided, and in fact, we were encouraged that enrollment is proceeding as quickly as it is, given all sites are in Australia and New Zealand,” analyst Corey Davis wrote in a note.

Further, Davis noted that his $22 price target can be achieved upon success of the trials and “feels derisked” for a stock with only a $147 million market cap and three major P2 readout’s in mid-2017 in programs.

“Epilepsy is the indication we feel most comfortable will meet success in P2,” Davis added.

Shares of Zynerba closed Thursday’s trading at $14.80. In the pre-market hours on Friday, the stock gained 1.35 percent to $15.