1:14:06 PM PDT - Thursday, October 29th, 2020

Canaccord Predicts Over 100% Rally for These 3 “Strong Buy” Stocks  

By Editor - Fri Oct 16, 10:04 pm

After passing one speed bump, is the market heading towards more bumps in the road? Following the September sell-off, there has been a surge in COVID-19 cases and limited progress on the next stimulus package. In addition, the likelihood of a Biden victory in the November elections increased.At the same time, however, the broader market has been ramping up, with the NYSE Cumulative Advance/Decline line reaching a record high and the percentage of SPX components trading above their 10-day moving averages landing at 93% for the first time since early April.Weighing in for Canaccord, strategist Tony Dwyer commented, “The strength of the broad market driven by the economy recovery beneficiaries has been dramatic, and while we believe the market should remain volatile (in both directions) into year end, our positive fundamental core thesis driven by excess liquidity and a synchronized global recovery suggests inevitable periods of weakness following these type ramps should be used as an opportunity to add equity exposure.”Turning Dwyer’s outlook into concrete recommendations, Canaccord’s analysts have pinpointed three stocks that could soar in the year ahead, with over 100% upside potential forecasted for each. What’s more, after using TipRanks’ database, we found out that all three have scored enough positive reviews from the broader analyst community to earn a “Strong Buy” consensus rating.Zynerba Pharmaceuticals (ZYNE)Developing next-generation transdermally-delivered cannabinoid therapeutics, Zynerba Pharmaceuticals wants to help improve the lives of patients with rare and near-rare neuropsychiatric conditions. With shares changing hands for $3.65, Canaccord believes that the share price presents an attractive entry point.This summer, ZYNE revealed that in the CONNECT-FX pivotal trial evaluating Zygel, its transdermal cannabidiol gel, in Fragile X syndrome (FXS), the therapy did not achieve statistical significance on its primary or secondary endpoints in the full analysis set, or 210 patients. That being said, it did demonstrate significance on the primary endpoint in patients with full methylation of the FMR1 gene, which was an ad-hoc pre-planned analysis, and secondary endpoints were promising.Of the patients in the trial, 80% had full methylation, and the company estimates 60% of the 71,000 U.S. FXS patients fall into this category

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Canaccord Predicts Over 100% Rally for These 3 “Strong Buy” Stocks

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