Zacks Investment Research Upgrades Zogenix Inc. (ZGNX) to Buy
Zogenix Inc. (NASDAQ:ZGNX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The brokerage currently has a $12.00 price objective on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 0.42% from the stock’s previous close.
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. “
A number of other equities analysts have also weighed in on the stock. Brean Capital reiterated a “buy” rating and issued a $28.00 price objective on shares of Zogenix in a research report on Wednesday, September 21st. Leerink Swann reissued an “outperform” rating and issued a $17.00 target price on shares of Zogenix in a report on Tuesday, October 4th. Finally, Aegis initiated coverage on Zogenix in a report on Friday. They issued a “buy” rating and a $28.00 target price for the company.
Shares of Zogenix (NASDAQ:ZGNX) opened at 11.95 on Friday. The company has a 50 day moving average of $9.63 and a 200-day moving average of $9.31. Zogenix has a one year low of $7.33 and a one year high of $16.56. The stock’s market cap is $296.24 million.
Zogenix (NASDAQ:ZGNX) last posted its quarterly earnings data on Monday, November 7th. The company reported ($0.69) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.96) by $0.27. Zogenix had a negative net margin of 229.93% and a negative return on equity of 38.11%. The firm had revenue of $6.57 million for the quarter, compared to analyst estimates of $3.10 million. During the same period last year, the firm posted ($0.65) EPS. Zogenix’s quarterly revenue was down 28.0% on a year-over-year basis. On average, analysts anticipate that Zogenix will post ($2.71) earnings per share for the current year.
Large investors have recently added to or reduced their stakes in the stock. RA Capital Management LLC increased its stake in Zogenix by 8.4% in the third quarter. RA Capital Management LLC now owns 2,656,166 shares of the company’s stock worth $31,451,000 after buying an additional 204,929 shares during the period. Great Point Partners LLC acquired a new stake in Zogenix during the third quarter worth approximately $27,900,000. BlackRock Fund Advisors increased its stake in Zogenix by 7.1% in the third quarter. BlackRock Fund Advisors now owns 1,025,692 shares of the company’s stock worth $11,724,000 after buying an additional 68,420 shares during the period. Baker BROS. Advisors LP acquired a new stake in Zogenix during the third quarter worth approximately $11,430,000. Finally, Vanguard Group Inc. increased its stake in Zogenix by 2.6% in the second quarter. Vanguard Group Inc. now owns 825,826 shares of the company’s stock worth $6,648,000 after buying an additional 20,779 shares during the period. 85.23% of the stock is owned by 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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