Roth Capital Fifth To Downgrade Zynerba After Trial Failure
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.
Disclosure: None.
How did you like this article? Let us know so we can better customize your reading experience.
Comments
Leave a comment to automatically be entered into
our contest to win a free Echo Show.
