Ladenburg Believes Zynerba Pharmaceuticals (NASDAQ: ZYNE) Still Has Room to Grow

By Jason Carr

Ladenburg analyst Michael Higgins maintained a Buy rating on Zynerba Pharmaceuticals (ZYNEResearch Report) today and set a price target of $26. The company’s shares opened today at $11.80, close to its 52-week high of $13.06.

Higgins noted:

“We continue to look for Zygel’s NDA filing in 1H’20 and approval in 2H’20 as we had anticipated this Fast Track designation.”

According to TipRanks.com, Higgins ‘ ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -4.9% and a 33.3% success rate. Higgins covers the Healthcare sector, focusing on stocks such as Rhythm Pharmaceuticals Inc, Paratek Pharmaceuticals, and Ovid Therapeutics Inc.

Currently, the analyst consensus on Zynerba Pharmaceuticals is a Strong Buy with an average price target of $22.80, which is a 93.2% upside from current levels. In a report issued on April 22, Canaccord Genuity also initiated coverage with a Buy rating on the stock with a $18 price target.

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The company has a one-year high of $13.06 and a one-year low of $2.75. Currently, Zynerba Pharmaceuticals has an average volume of 1.99M.

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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.