Micro cap Zynerba Pharmaceuticals (NASDAQ:ZYNE) perks up 2% premarket on light volume on the heels of Roth Capital’s resumption of coverage with a Buy rating and $12 (113% upside) price target.
The stock spiked two weeks ago after bullish comments from Canaccord Genuity on the safety profile of Zygel (transdermal cannabidiol gel) for the potential treatment of developmental and epileptic encephalopathies. Shares quickly reversed, however, and are now down 20% from the intermediate high of $7.04 on December 17.
On the working capital front, at the end of September it had $77.5M in cash and equivalents while operations consumed $27.4M during the first three quarters. On August 6, it filed a prospectus for a $300M mixed shelf offering. On August 30, it inked an agreement with a group of four investment banks for the at-the-market sale of up to $75M of its common stock.
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