Zogenix (ZGNX) Trading Down 11.2%

Zogenix, Inc. (NASDAQ:ZGNX)’s share price was down 11.2% during trading on Tuesday . The company traded as low as $34.10 and last traded at $34.53. Approximately 2,456,500 shares were traded during trading, an increase of 267% from the average daily volume of 669,578 shares. The stock had previously closed at $38.90.

A number of equities analysts recently commented on ZGNX shares. Leerink Swann reiterated an “outperform” rating and set a $50.00 price target (up previously from $20.00) on shares of Zogenix in a report on Monday, October 2nd. BidaskClub upgraded Zogenix from a “sell” rating to a “hold” rating in a report on Friday, August 18th. Mizuho started coverage on Zogenix in a report on Wednesday, September 6th. They set a “buy” rating and a $28.00 price target for the company. ValuEngine upgraded Zogenix from a “sell” rating to a “hold” rating in a report on Saturday, September 30th. Finally, William Blair upgraded Zogenix from a “market perform” rating to an “outperform” rating in a report on Friday, September 29th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Zogenix has an average rating of “Buy” and a consensus target price of $42.67.

The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.71 and a current ratio of 2.71.

In related news, major shareholder Life Sciences Maste Perceptive acquired 222,055 shares of the business’s stock in a transaction on Friday, September 29th. The stock was purchased at an average cost of $32.83 per share, for a total transaction of $7,290,065.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 5.00% of the company’s stock.

A number of hedge funds have recently modified their holdings of ZGNX. VHCP Management II LLC acquired a new stake in Zogenix during the third quarter worth approximately $31,792,000. JPMorgan Chase & Co. lifted its position in Zogenix by 1,794.4% during the second quarter. JPMorgan Chase & Co. now owns 286,299 shares of the company’s stock worth $4,152,000 after acquiring an additional 271,186 shares during the last quarter. Broadfin Capital LLC acquired a new stake in Zogenix during the second quarter worth approximately $3,806,000. Perceptive Advisors LLC raised its position in shares of Zogenix by 6.4% in the third quarter. Perceptive Advisors LLC now owns 3,670,357 shares of the company’s stock valued at $128,646,000 after buying an additional 222,055 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Zogenix by 89.4% in the first quarter. Dimensional Fund Advisors LP now owns 410,641 shares of the company’s stock valued at $4,455,000 after buying an additional 193,827 shares in the last quarter. Hedge funds and other institutional investors own 73.43% of the company’s stock.

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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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