Cantor Fitzgerald's Elemer Piros recently upgraded shares of Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE) to 'Overweight' alongside a price target of $17.00 per share. With an analyst average price target of $12.83 per share, Piros' price target is the highest out of the analysts we track that cover Zynerba.
With a last trade price of $10.25, this ZYNE price target represents over 65% potential upside. This bullish call is due to assumptions that Zynerba's ZYN002 treatment for Fragile X syndrome will be a commercial success if the drug makes it to market.
“Based on the positive Phase 2 FXS results, we are encouraged by the potential for ZYN002 to treat the disease and have assessed the risk-adjusted opportunity for the drug,” Piros told Benzinga. “With an annual price assumption of $45,000 (U.S.) and $32,000 (EU), ZYN002 could reach combined peak sales of $1.5 billion, in our calculation.” Additionally, "Cantor Fitzgerald estimates Zynerba will finish 2018 with roughly $73 million in cash on its balance sheet."
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