Shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) gained 356% in the first six months of the year, according to data provided by SP Global Market Intelligence. The clinical-stage pharmaceutical has emerged from obscurity thanks in part to the craze surrounding everything and anything related to marijuana.
Its lead and only drug candidate, Zygel, is a cannabidiol (CBD) gel aimed at treating seizures and behavioral symptoms associated with neuropsychiatric disorders including fragile X syndrome and autism spectrum disorder. Despite the surging stock price, the company is valued at just $300 million today.
Investors appear to be anticipating a few milestones for Zynerba. Results from a phase 3 trial for Zygel in fragile X syndrome are expected before the end of 2019. If the clinical trial achieves success, then a new drug application (NDA) would be filed in the first half of 2020.