In a report released today, Michael Higgins from Ladenburg maintained a Buy rating on Zynerba Pharmaceuticals (ZYNE), with a price target of $26. The company’s shares opened today at $4.13, close to its 52-week low of $4.06.
Higgins noted:
“We view this as an extension of the company’s announcement in January 2018 of “Focusing Psychiatric Disorders”. While the open-label extension (OLE) data (STAR2) has demonstrated a stable-to-improved reduction in seizures among adults with refractory epilepsy and suggests that ZYN002 could demonstrate success in a pivotal trial, we believe Zynerba’s continued emphasis into rare and ultra-rare neurological disorders will yield a higher return to shareholders over the next three years. Given the higher pricing expected in rare neurological disorders where ZYN002 is/will be tested, its potential adoption in adult epilepsy becomes, in our view, less likely. For now, we are keeping our ZYN002 pricing in line with that of Epidiolex ($32.5K/year, gross).”
According to TipRanks.com, Higgins is ranked 0 out of 5 stars with an average return of -10.4% and a 26.4% success rate. Higgins covers the Healthcare sector, focusing on stocks such as Achieve Life Sciences Inc, Melinta Therapeutics Inc, and Eiger Biopharmaceuticals.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Zynerba Pharmaceuticals with a $19.25 average price target, a 366.1% upside from current levels. In a report issued on December 5, Cantor Fitzgerald also maintained a Buy rating on the stock with a $21 price target.
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The company has a one-year high of $14.45 and a one-year low of $4.06. Currently, Zynerba Pharmaceuticals has an average volume of 383.7K.
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Zynerba Pharmaceuticals, Inc. operates as a clinical stage specialty pharmaceutical company. It engages in the development and commercialization of transdermal pharmaceutically-produced cannabinoid treatments for rare and near-rare neurological and psychiatric, or neuropsychiatric, disorders in patients with high unmet medical needs.
