On January 27, Zynerba Pharmaceuticals Inc. (ZYNE) stock suffered a further loss of 5.83% in the pre-market. There has been no recent announcement from the company.
In the prior trading session, the stock remained gloomy with a slight loss of 0.41% at $2.40. This decline escalated in the pre market, making the stock go down to $2.26 per share.
The pharmaceutically-produced transdermal cannabinoid therapies provider, Zynerba Pharmaceuticals Inc. has a market capitalization of $99.33 million. Currently, the company has 41.22 million shares outstanding in the market.
ZYNE stock Movement
While there is no recent announcement, SEC filing, or upcoming event, ZYNE saw some gains at an active volume on Monday and Tuesday. It seems like the stock underwent a profit booking event the next day due to the gains. The stock has since continued its bearishness which then intensified in the pre-market on Friday. Given that there is no official reason, the stock might be moving on external factors like social media discussions.
Presently, ZYNE stands at a year-to-date loss of 16.67% while it suffered from a decline of 32.20% last year.
Recent Participation
Recently, the company participated in the H.C. Wainwright BioConnect Conference which took place from January 10 to 13, 2022. Armando Anido, ZYNE’s Chairman and Chief Executive Officer, presented at the conference virtually.
ZYNE’s Clinical Development Updates
On January 4, the company declared updates regarding its clinical development of ZygelTM. Zygel, the company’s experimental treatment, is a non-euphoric cannabinoid under development for multiple disorders.
As per the latest updates, ZYNE has decided against the development of Zygel in developmental and epileptic encephalopathies (DEE). The decision was based on the company’s research and strategic prioritization along with feedback from the FDA.
Furthermore, the company will focus on the development of Zygel in FXS (Fragile X syndrome), ASD (autism spectrum syndrome), and 22q (22q11.2 deletion syndrome). The ASD Phase 3 trial is expected to commence in the second half of 2022, while topline data from FXS in the second half of 2023. Additionally, the topline data from the ongoing trial in 22q is anticipated in mid-2022.
Financial Highlights
On November 15, the company announced its financial results for the third quarter of 2021.
In Q3 of 2021, ZYNE incurred a net loss of $10.6 million or $0.26 per basic and diluted share.
In addition, the company ended the quarter with cash and cash equivalents of $75.6 million.
