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Canaccord Genuity Bullish On Zynerba Ahead Of CBD Gel Trial Data

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Canaccord Genuity Bullish On Zynerba Ahead Of CBD Gel Trial Data
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Investors continue to show interest in the medical possibilities of cannabis-derived cannabidiol, or CBD, eagerly watching Zynerba Pharmaceuticals Inc (NASDAQ: ZYNE) as it begins patient trials on a CBD-infused skin gel aimed at treating Fragile X syndrome.

Canaccord Genuity reiterated a bullish stance on the stock Thursday after meeting with Zynerba CEO Armando Anido. 

The Analyst

Sumant Kulkarni reiterated a Buy rating on Zynerba with an $18 price target.

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The Thesis

“We believe the stock presents a significant opportunity for risk-tolerant investors,” Kulkarni said in the note. (See his track record here.) 

The 14-week trial for the Fragile X transdermal skin gel, Zygel, is on track for a data readout in the second half of 2019, the analyst said. 

If the results show some success, Zynerba hopes to gain approval in 2021.

Canaccord Genuity is modeling a 50% probability of approval for the FXS treatment.

The company is also expecting open-label data on the use of the drug for developmental and epileptic encephalopathies in the third quarter of 2019, but the trial for Fragile X treatment is the bigger inflection point, Kulkarni said. 

Price Action

Zynerba shares were up 3.07% on Friday morning to $13.30.

Related Links:

Zynerba Advances Cannabidiol Treatment With New Patent Win

FDA Public Hearing About CBDs Prescribes Caution, Bearishness, and Deliberation

Photo courtesy of Zynerba. 

Latest Ratings for ZYNE

DateFirmActionFromTo
Sep 2019AssumesHold
Apr 2019Initiates Coverage OnBuy
Apr 2019AssumesBuy

View More Analyst Ratings for ZYNE
View the Latest Analyst Ratings

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Posted-In: Analyst Color Biotech Cannabis Price Target Reiteration Markets Analyst Ratings General Best of Benzinga

 

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