Zogenix, Inc. (ZGNX) Cut to “Sell” at ValuEngine
ValuEngine lowered shares of Zogenix, Inc. (NASDAQ:ZGNX) from a hold rating to a sell rating in a report issued on Friday morning.
Several other research firms also recently weighed in on ZGNX. Stifel Nicolaus reiterated a buy rating and set a $26.00 target price on shares of Zogenix in a research report on Monday, June 26th. Zacks Investment Research upgraded Zogenix from a hold rating to a buy rating and set a $16.00 target price on the stock in a research report on Friday, July 7th. Finally, BidaskClub downgraded Zogenix from a strong-buy rating to a buy rating in a research report on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $23.00.
Shares of Zogenix (NASDAQ:ZGNX) opened at 12.20 on Friday. The stock’s market cap is $303.06 million. The company’s 50-day moving average price is $12.37 and its 200-day moving average price is $12.12. Zogenix has a one year low of $7.50 and a one year high of $15.40.
Zogenix (NASDAQ:ZGNX) last released its earnings results on Tuesday, August 8th. The company reported ($0.90) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.89) by $0.01. The company had revenue of $7.10 million for the quarter, compared to analysts’ expectations of $3.48 million. Zogenix had a negative net margin of 309.76% and a negative return on equity of 70.75%. Zogenix’s revenue for the quarter was up 238.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.76) earnings per share. Equities research analysts anticipate that Zogenix will post ($3.74) earnings per share for the current year.
In other Zogenix news, major shareholder Life Sciences Maste Perceptive acquired 175,653 shares of the stock in a transaction dated Friday, June 30th. The shares were acquired at an average cost of $14.45 per share, for a total transaction of $2,538,185.85. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 5.00% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in ZGNX. Nationwide Fund Advisors lifted its position in shares of Zogenix by 29.5% in the first quarter. Nationwide Fund Advisors now owns 18,748 shares of the company’s stock valued at $203,000 after acquiring an additional 4,266 shares in the last quarter. Acadian Asset Management LLC purchased a new position in shares of Zogenix in the first quarter valued at about $172,000. Bank of New York Mellon Corp lifted its position in shares of Zogenix by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 103,459 shares of the company’s stock valued at $1,123,000 after acquiring an additional 4,583 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of Zogenix by 43.6% in the first quarter. Ameriprise Financial Inc. now owns 229,134 shares of the company’s stock valued at $2,486,000 after acquiring an additional 69,552 shares in the last quarter. Finally, American International Group Inc. lifted its position in shares of Zogenix by 7.1% in the first quarter. American International Group Inc. now owns 15,278 shares of the company’s stock valued at $166,000 after acquiring an additional 1,010 shares in the last quarter. Institutional investors and hedge funds own 87.15% of the company’s stock.
Zogenix Company Profile
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. Its primary area of therapeutic focus is epilepsy and related seizure disorders. Its lead product candidate, ZX008, is a low-dose fenfluramine for the treatment of seizures associated with Dravet syndrome.
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