In a recently released analyst guidance update, Cantor Fitzgerald Senior Research Analyst, Charles C. Duncan, upgraded his rating on shares of cannabinoid pharmaceutical innovator Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE) to Overweight with a price target that suggests some big upside to come.
This analyst update comes just a few days before Zynerba’s Chief Executive Officer, Armando Anido, will present a company overview at the upcoming Jefferies 2019 Global Healthcare Conference on June 6th.
Duncan’s Zynerba price target of $22.00 USD per share implies a potential upside of approximately 96.78% based on the last traded price of $11.18 USD per share on the NASDAQ.
According to TheFly, “Cantor Fitzgerald analyst Charles Duncan raised his price target for Zynerba Pharmaceuticals to $22 from $12 citing his due diligence on Fragile X and the anecdotal use of CBD to alleviate symptoms for this and other pediatric orphan neurodevelopmental disorders. The analyst says he’s also seen broadening interest in the medical cannabis space with the emergence of exchange traded funds possibly driving demand for the shares.”
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