Maxim Group Sticks to Their Buy Rating for Zynerba Pharmaceuticals

By Carrie Williams

Maxim Group analyst Gabrielle Zhou reiterated a Buy rating on Zynerba Pharmaceuticals (NASDAQ: ZYNE) today and set a price target of $32. The company’s shares opened today at $18.80.

Zhou said:

“Zynerba announced the completion of target pediatric patient enrollment (n=16, ages from 6 – 17 years old) in the Phase II FAB-C (Treatment of Fragile X Syndrome Anxiety and Behavioral Challenges with CBD) study to evaluate ZYN002, Zynerba’s cannabidiol (CBD) gel in children with Fragile X syndrome (FXS).”

According to TipRanks.com, Zhou is ranked 0 out of 5 stars with an average return of -13.6% and a 28.3% success rate. Zhou covers the Healthcare sector, focusing on stocks such as IntelliPharmaCeutics International, ContraVir Pharmaceuticals Inc, and Sciclone Pharmaceuticals.

Currently, the analyst consensus on Zynerba Pharmaceuticals is Strong Buy and the average price target is $30.86, representing a 64.1% upside.

In a report issued on May 24, Jefferies also reiterated a Buy rating on the stock with a $32 price target.

The company has a one year high of $25.95 and a one year low of $6.31. Currently, Zynerba Pharmaceuticals has an average volume of 387.5K.

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Zynerba Pharmaceuticals, Inc. engages in the research and development of drugs. Its clinical programs include synthetic cannabinoid therapeutics and patch and gel for transdermal delivery. The company was founded by Audra L. Stinchcomb on January 31, 2007 and is headquartered in Devon, PA.