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Fly News Breaks for August 6, 2018
ZYNE
Aug 6, 2018 | 07:38 EDT
Shares of Zynerba Pharmaceuticals are down 46% since the company announced a $30M financing late July, and down 30% from where it priced at $8 per share, H.C. Wainwright analyst Oren Livnat tell investors in a research note. The analyst views the stock weakness as unwarranted. The ZYN002 programs are on track for key 2019 readouts, Livnat points out. He believes Zynerba's current valuation "belies even highly risk-discounted opportunities." The analyst is "perplexed by the extreme ZYNE pullback." Livnat says he's not aware of any erosion of Zynerba's fundamentals or prospects. The analyst reiterates aBuy rating on Zynerba with a $23 price target.
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