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R. F. Lafferty initiated coverage on shares of Zogenix (NASDAQ:ZGNX) in a research note issued on Friday. The firm set a “buy” rating and a $3.50 price target on the stock. R. F. Lafferty’s target price indicates a potential upside of 94.44% from the company’s current price. The analysts noted that the move was a valuation call.

Shares of Zogenix (NASDAQ:ZGNX) traded up 2.22% during mid-day trading on Friday, hitting $1.84. 417,125 shares of the company’s stock traded hands. Zogenix has a 52-week low of $1.32 and a 52-week high of $5.19. The stock’s 50-day moving average is $2.32 and its 200-day moving average is $3.30. The company’s market cap is $256.8 million. Zogenix also was the recipient of a large decrease in short interest during the month of May. As of May 15th, there was short interest totalling 18,987,265 shares, a decrease of 6.3% from the April 30th total of 20,271,501 shares. Approximately 15.8% of the shares of the stock are short sold. Based on an average daily volume of 1,534,907 shares, the days-to-cover ratio is presently 12.4 days.

Zogenix (NASDAQ:ZGNX) last announced its earnings results on Thursday, May 8th. The company reported ($0.20) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.17) by $0.03. The company had revenue of $7.70 million for the quarter, compared to the consensus estimate of $8.71 million. During the same quarter in the prior year, the company posted ($0.17) earnings per share. The company’s quarterly revenue was up 10.0% on a year-over-year basis. Analysts expect that Zogenix will post $-0.64 EPS for the current fiscal year.

ZGNX has been the subject of a number of other recent research reports. Analysts at William Blair reiterated an “outperform” rating on shares of Zogenix in a research note on Monday, May 12th. They now have a $5.00 price target on the stock, down previously from $6.00. Analysts at Stifel Nicolaus reiterated a “buy” rating on shares of Zogenix in a research note on Friday, April 25th. They now have a $5.00 price target on the stock.

In other Zogenix news, CFO Ann D. Rhoads unloaded 19,229 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $2.10, for a total transaction of $40,380.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Zogenix, Inc (NASDAQ:ZGNX) is a pharmaceutical company commercializing and developing products for the treatment of central nervous system disorders and pain.

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