According to a release from StreetInsider, investment bank Jefferies & Co. has reinstated coverage on Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE). They have assigned ZYNE a 'Buy' rating with a price target of $32.00 per share. At such a price target, this means that Jefferies sees over 120% upside potential from today's close price. It seems that analyst worries about ZYNE were calmed following the presentation of positive results at the 70th annual meeting of the American Epilepsy Society (AES).
CBD Gel Shows Promise
Jefferies analyst Biren Amin said, "At AES, ZYNE presented safety data from PI studies for ZYN002 CBD gel in healthy volunteers and patients with epilepsy. ZYN002 was well tolerated at all doses and concentrations and comparable to placebo, including the dose intended to be investigated in the PII STAR-1 trial. Notably, ZYNE reported no somnolence or fatigue, or neuropsychological effects. We are no longer restricted on ZYNE and therefore we reinstate our Buy rating and $32 PT."
Shares of ZYNE closed out the day up 9.71% or $1.28 per share to close at $14.46 per share. In after-hours trading shares have continued to climb, now up to another 1.66% $14.70 per share.
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