Canaccord Genuity Starts Zynerba Pharmaceuticals (ZYNE) at Buy

Canaccord Genuity initiates coverage on Zynerba Pharmaceuticals (NASDAQ: ZYNE) with a Buy rating and a price target of $35.00.

Analyst Corey Davis commented, "Zynerba is developing synthetic cannabinoids (CBD and THC) for transdermal delivery. What differentiates it is: 1) synthetic manufacturing and 2) transdermal technology. It’s clear the two molecules have medicinal activity, and with transdermal technology, animal studies are quite predictive of success in humans. Hence, we believe Phase 1 (mid-2016E) should be a major de-risking event. This is counterintuitive, but we emphasize Zynerba is not nearly as “early stage” as it might seem. Even though ZYNE has 2 products, ZYN001 (prodrug of THC in a patch) and ZYN002 (CBD in a gel), our target of $35 only gives credit for ZYN002."

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 $20.80 yesterday.

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