Needham & Company Reiterates Hold Rating on Zynerba Pharmaceuticals (ZYNE), Phase 3 RECONNECT Trial Remains Main Potential Value Driver

Needham & Company analyst Serge Belanger reiterated a Hold rating on Zynerba Pharmaceuticals (NASDAQ: ZYNE), following the company's latest quarterly update.

The analyst quotes: "ZYNE reported 4Q21 financials and provided a corporate update. There was little new news since ZYNE provided a thorough corporate update in early-Jan. See our 1/5/22 note - Advancing Zygel Development in ASD; Dropping DEE Program. Since then, ZYNE announced it completed enrollment of the ph 2 INSPIRE trial in 22q patients and remains on track to report results in mid-2022. We continue to view the ph 3 RECONNECT trial in fragile X syndrome (FXS) as the main value driver for ZYNE. RECONNECT continues to enroll patients and is expected to report top-line results in 2H23. ZYNE's cash balance (~$68MM as of 12/31/21) is expected to provide runway into 2H23. We maintain our Hold rating due to the lack of near-term clinical data (placebo-controlled), until 2H23 at the earliest, that could derisk Zygel's potential and drive shareholder value."

For an analyst ratings summary and ratings history on Zynerba Pharmaceuticals click here. For more ratings news on Zynerba Pharmaceuticals click here.

Shares of Zynerba Pharmaceuticals closed at $2.26 yesterday.

By Vlad Schepkov | [email protected]

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