Zynerba Pharmaceuticals (ZYNE)

[Leonard McKinley]

I do not think that trees grow to the sky, and neither will Zyne. At some point, the stock will stabilize and level off and cease to outperform the market (barring positive catalysts). The relevant question is, IMO, what is the appropriate total market cap for this situation? Right now, the total market cap is about $325 million or $268 million exclusive of net cash. To me, that still seems modestly low for its opportunity. Having said that, I have had difficulty putting any meaningful numbers to the expected cash flow. So, it is pretty much seat of the pants, as they say.