Canaccord Genuity Bullish On Zynerba Ahead Of CBD Gel Trial Data
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.
Need more cannabis news? Check out all of our coverage here.
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
Date | Firm | Action | From | To |
---|---|---|---|---|
Jul 2020 | Needham | Downgrades | Buy | Hold |
May 2020 | Cantor Fitzgerald | Maintains | Overweight | |
Oct 2019 | Needham | Initiates Coverage On | Buy |
View More Analyst Ratings for ZYNE
View the Latest Analyst Ratings
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted-In: Analyst Color Biotech Cannabis Price Target Reiteration Markets Analyst Ratings General Best of Benzinga