Zacks Investment Research Lowers Zogenix Inc. (ZGNX) to Sell
Zogenix Inc. (NASDAQ:ZGNX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.
According to Zacks, “Zogenix, Inc. is a pharmaceutical company engaged in the development and commercialization of treatment products for central nervous system disorders and pain. Its first commercial product, Sumavel DosePro is a needle-free Delivery System used in the treatment of acute migraine and cluster headache in a pre-filled, single-use delivery system. Its lead product candidate, ZX002, is a novel, oral and single-entity controlled-release formulation of hydrocodone used for the treatment of moderate to severe chronic pain in patients requiring around-the-clock opioid therapy. Zogenix, Inc. is headquartered in San Diego, CA. “
ZGNX has been the topic of several other reports. Leerink Swann reiterated an “outperform” rating and issued a $17.00 price objective on shares of Zogenix in a research note on Tuesday, October 4th. Brean Capital reiterated a “buy” rating and issued a $28.00 price objective on shares of Zogenix in a research note on Wednesday, September 21st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. Zogenix currently has a consensus rating of “Hold” and a consensus target price of $20.50.
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Shares of Zogenix (NASDAQ:ZGNX) traded down 2.19% during mid-day trading on Wednesday, reaching $9.83. The company’s stock had a trading volume of 80,072 shares. The stock’s market capitalization is $243.69 million. The company’s 50-day moving average is $9.69 and its 200-day moving average is $9.54. Zogenix has a 52 week low of $7.33 and a 52 week high of $16.56.
Zogenix (NASDAQ:ZGNX) last announced its quarterly earnings data on Tuesday, August 9th. The company reported ($0.76) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.81) by $0.05. The business had revenue of $2.10 million for the quarter, compared to analysts’ expectations of $5.36 million. Zogenix had a negative return on equity of 33.62% and a negative net margin of 192.64%. The company’s revenue for the quarter was down 71.6% compared to the same quarter last year. During the same period last year, the firm earned ($3.78) earnings per share. Equities analysts predict that Zogenix will post ($3.24) EPS for the current year.
A number of institutional investors have recently bought and sold shares of ZGNX. JPMorgan Chase & Co. raised its position in Zogenix by 6.6% in the second quarter. JPMorgan Chase & Co. now owns 13,530 shares of the company’s stock valued at $109,000 after buying an additional 835 shares during the period. Alliancebernstein L.P. raised its position in shares of Zogenix by 17.0% in the second quarter. Alliancebernstein L.P. now owns 16,512 shares of the company’s stock valued at $133,000 after buying an additional 2,400 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its position in shares of Zogenix by 15.5% in the first quarter. Metropolitan Life Insurance Co. NY now owns 19,892 shares of the company’s stock valued at $184,000 after buying an additional 2,671 shares during the last quarter. ProShare Advisors LLC raised its position in shares of Zogenix by 1.2% in the second quarter. ProShare Advisors LLC now owns 21,472 shares of the company’s stock valued at $173,000 after buying an additional 252 shares during the last quarter. Finally, Palo Alto Investors LLC raised its position in shares of Zogenix by 3.1% in the second quarter. Palo Alto Investors LLC now owns 29,500 shares of the company’s stock valued at $237,000 after buying an additional 900 shares during the last quarter. 84.91% of the stock is currently owned by hedge funds and other institutional investors.
Zogenix, Inc is a pharmaceutical company engaged in developing and commercializing central nervous system (CNS) therapies that address specific clinical needs for people living with orphan and other CNS disorders in requirement of treatment alternatives. The Company’s areas of focus are epilepsy and schizophrenia.
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