Roth Capital analyst Michael Higgins downgraded Zynerba Pharmaceuticals (ZYNE) to Neutral from Buy and cut his price target for the shares to $7 from $30.
The analyst is "surprised and disappointed" that ZYN002 missed the primary endpoint in its first Phase 2 study. Higgins likes ZYN002's outlook in the 16-patient Fragile X Syndrome Phase 2 study but says he cannot recommend Zynerba shares ahead of the Phase 2 osteoarthritis trial. Roth is the fifth firm to downgrade Zynerba following yesterday's morning data readout.
The shares are down 26c to $6.41 in late morning trading.
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