Needham analyst Serge Belanger initiated coverage of Zynerba with a Buy rating and $18 price target. The analyst cites the potential of the company's late-stage topical CBD gel product candidate Zygel building a "presence" in the growing CBD therapeutic segment while targeting difficult-to-treat neuropsychiatric conditions and rare epilepsy disorders. Belanger notes that Zygel has so far yielded a positive phase 2 result in patients with Fragile X Syndrome as it improved the patients' "key neuro-behavioral symptoms". The analyst further contends that the current valuation of Zynebra does not fully account for the potential of Zygel becoming a part of the developing therapeutic CBD landscape and believes that the stock offers a "compelling" risk/reward ahead of several key data readouts expected in the first half of 2020.