H.C. Wainwright Starts Zynerba Pharmaceuticals (ZYNE) at Buy
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H.C. Wainwright initiated coverage on Zynerba Pharmaceuticals (NASDAQ: ZYNE) with a Buy rating and a price target of $22.
Analyst Corey Davis said, "Although the medical benefits of cannabis has been realized for centuries, it is only more recently that the pharmaceutical industry has moved closer to being able to capture the clinical benefits with viable pharmaceutical agents and validated clinical trials that will be acceptable to the FDA. The two active ingredients in cannabis are cannabinoid (CBD) and tetrahydrocannabinol (THC). Even though Zynerba is still in Phase 2, the active ingredients in its two products are now validated and its novel delivery mechanisms have been proven to work in animal models (and in humans). Hence we think the likelihood of success is higher than normal for an average pre-Phase 2 company. But in our view, this is not baked into the current valuation and not as 'early-stage' as many may believe."
Shares of Zynerba Pharmaceuticals closed at $13.22 yesterday.
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