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 a number of other reports. 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 reiterated an “outperform” rating and issued a $17.00 price objective on shares of Zogenix in a research report on Tuesday, October 4th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. Zogenix presently has an average rating of “Hold” and an average target price of $20.50.
Shares of Zogenix (NASDAQ:ZGNX) traded down 3.38% on Wednesday, hitting $9.71. The stock had a trading volume of 56,598 shares. Zogenix has a one year low of $7.33 and a one year high of $16.56. The company’s market capitalization is $240.71 million. The firm has a 50 day moving average price of $9.69 and a 200 day moving average price of $9.54.
Zogenix (NASDAQ:ZGNX) last announced its quarterly earnings data on Tuesday, August 9th. The company reported ($0.76) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.81) by $0.05. The firm had revenue of $2.10 million for the quarter, compared to analyst estimates of $5.36 million. Zogenix had a negative return on equity of 33.62% and a negative net margin of 192.64%. The business’s quarterly revenue was down 71.6% compared to the same quarter last year. During the same period last year, the company earned ($3.78) EPS. On average, equities research analysts predict that Zogenix will post ($3.24) earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of ZGNX. JPMorgan Chase & Co. increased its position in Zogenix by 6.6% in the second quarter. JPMorgan Chase & Co. now owns 13,530 shares of the company’s stock worth $109,000 after buying an additional 835 shares during the period. Alliancebernstein L.P. increased its position in Zogenix by 17.0% in the second quarter. Alliancebernstein L.P. now owns 16,512 shares of the company’s stock worth $133,000 after buying an additional 2,400 shares during the period. ProShare Advisors LLC increased its position in Zogenix by 1.2% in the second quarter. ProShare Advisors LLC now owns 21,472 shares of the company’s stock worth $173,000 after buying an additional 252 shares during the period. Metropolitan Life Insurance Co. NY increased its position in Zogenix by 15.5% in the first quarter. Metropolitan Life Insurance Co. NY now owns 19,892 shares of the company’s stock worth $184,000 after buying an additional 2,671 shares during the period. Finally, Palo Alto Investors LLC increased its position in Zogenix by 3.1% in the second quarter. Palo Alto Investors LLC now owns 29,500 shares of the company’s stock worth $237,000 after buying an additional 900 shares during the period. 84.91% of the stock is currently owned by institutional investors.
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 in requirement of treatment alternatives. The Company’s areas of focus are epilepsy and schizophrenia.
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