Zynerba Pharmaceuticals Inc (NASDAQ: ZYNE) is having an incredibly strong start to the trading session this morning, and for good reason. The cannabis biotech company announced patent news that excited investors. Today, we’ll talk about:
- The news;
- what we’re seeing from ZYNE stock as a result; and
- what we’ll be watching for ahead.
ZYNE Announces Patnet News
As mentioned above Zynerba Pharmaceuticals is having an incredibly strong start to the trading session this morning after announcing patent news.
In a press release issued early this morning, the company said that it has been issued a new patent. The patnet, number 10,213,390, is titled “Treatment of Fragile X Syndrome with Cannabidiol.”
ZYNE said that the patent announced this morning includes claims directed to methods of treating Fragile X Syndrome by administering a therapeutically effective amount of synthetic or purified cannabidiol.
The patnet adds to the company’s expanding IP protfolio of coverage for ZYN002 Transdermal Gel. The company said that the patent will provide protection until 2038.
The ZYNE also reminded investors that enrollment in CONNECT-FX is ongoing. This is a pivotal, multi-national, randomized, double blind, placebo-controlled study of ZYN002. Through the study, the company intends on evaluating efficacy and safety in three to 17-year old FXS patients.
The primary endpoint of the study is the change from baseline to the end of treatment period in the Aberrant Behavior Checklist-Community FXS Specific Social Avoidance subscale.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. In the case of Zynerba Pharmaceuticals, the news proved to be exciting.
ZYN002 is showing to be a strong candidate. So, with added patent coverage, it’s not surprising to see that excited investors are pushing the stock up.
As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:02), ZYNE is trading at $5.45 per share after a gain of $0.41 per share or 8.11% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on ZYNE. In particular, we’re interested in following the story surrounding the company’s continued work to bring ZYN002 to market. Nonetheless, we’ll keep a close eye on the story and bring the news to you as it breaks!
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