Cantor Fitzgerald Starts Zynerba Pharmaceuticals (ZYNE) at Overweight

Cantor Fitzgerald initiates coverage on Zynerba Pharmaceuticals (NASDAQ: ZYNE) with a Overweight rating and a price target of $28.00.

Analyst Elemer Piros commented, "We initiate coverage of Zynerba Pharmaceuticals with an Overweight rating and a $28 price target. By the end of the year, Zynerba will have three ongoing Phase 2 programs with its lead candidate, ZYN002, a transdermal synthetic cannabidiol (CBD), with results in 1H17. We believe success in the refractory epilepsy program is strongly supported by recent oral CBD data in orphan pediatric epilepsies achieved by GW Pharmaceuticals (GWPH – Overweight). Furthermore, the delivery of CBD through the skin, avoiding first pass metabolism by the liver, could represent a significant advantage, in our view. The market for refractory focal seizures is large and underserved, with approximately one-third of patients unable to achieve seizure freedom. We estimate ZYN002 could achieve peak sales over $2 billion across U.S. and EU markets. We believe the three Phase 2 readouts in 1H17 could provide major inflection points for the shares."

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 $14.66 yesterday.

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