In a recently released analyst research report, Ladenburg Thalman analyst Michael Higgins reiterated his buy rating on shares of cannabinoid-based pharmaceutical innovator Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE) with a price target that suggests the stock may still double from here.
This analyst update comes just a few hours after Zynerba announced that the U.S. Food and Drug Administration has granted Fast Track Designation for the company’s lead development candidate Zygel™, a CBD gel for the treatment of behavioral symptoms associated with Fragile X Syndrome.
The FDA’s Fast Track program is designed to facilitate the development of drugs intended to treat serious conditions and fill unmet medical needs and can lead to expedited review by FDA in order to get new important drugs to the patient earlier.
“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.”
Michael Higgins’s Zynerba price target of $26.00 USD per share implies a potential upside of approximately 102.65% based on the last traded price of $12.83 USD per share on the NASDAQ.
Be sure to subscribe to updates here so you never miss an important development.
Get Real-Time Updates from MJobserver.com