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The Numbers On Zynerba: 25% Odds Of Success, Potential For 100% Upside

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The Numbers On Zynerba: 25% Odds Of Success, Potential For 100% Upside
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Zynerba Pharmaceuticals Inc (NASDAQ: ZYNE), which specializes in transdermal synthetic cannabinoid treatments, has a 25-percent probability for success in its treatment of adult epilepsy, an analyst said Tuesday.

Cantor Fitzgerald analyst Elemer Piros said there were no surprises in the Q2 results and “investor focus will remain on Zynerba’s first upcoming phase 2 readout in adult epilepsy.”

He reiterated a rating of Overweight and a price target of $28. The stock was trading at publication at $14.63, up 3.76 percent.

Zynerba is in development of ZYN002, a synthetic cannabinoid gel for the treatment of neurological conditions and ZYN001, a transdermally applied THC patch for fibromyalgia and peripheral neuropathic pain.

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“Based on prior studies of adjunctive anti-epileptic therapies, we believe a successful readout might demonstrate an approximate 20% greater reduction in seizure frequency from baseline when compared with placebo.”

“In our view, positive data in epilepsy could significantly increase our confidence in the program, currently at 25% probability of success.”

Q2 Results

Zynerba said it lost $0.64 per share in the second quarter on zero revenue, which was 6 cents worse than analysts were expecting. Net loss for the quarter also rose from $6.23 million in the same quarter a year ago to $8.32 million.

Piros said he expects in August two phase 2 readouts from Zynerba's 188-patient STAR 1 study of ZYN0002 in adult epilepsy and 320-patient (300 initial enrollment target) STOP study in adult osteoarthritis.

Related Link: Here’s What You Need To Know About Zynerba Pharmaceuticals

Latest Ratings for ZYNE

DateFirmActionFromTo
Oct 2017Cantor FitzgeraldUpgradesNeutralOverweight
Sep 2017Canaccord GenuityMaintainsBuy
Sep 2017PiperJaffrayUpgradesNeutralOverweight

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