Leerink Swann Reaffirms “Outperform” Rating for Zogenix, Inc. (ZGNX)
Leerink Swann reaffirmed their outperform rating on shares of Zogenix, Inc. (NASDAQ:ZGNX) in a research report report published on Monday morning. The brokerage currently has a $50.00 price objective on the stock, up from their prior price objective of $20.00.
A number of other equities research analysts have also recently weighed in on the company. Mizuho initiated coverage on Zogenix in a report on Wednesday, September 6th. They set a buy rating and a $28.00 price target on the stock. Stifel Nicolaus reaffirmed a buy rating and set a $26.00 price target on shares of Zogenix in a report on Monday, June 26th. ValuEngine cut Zogenix from a hold rating to a sell rating in a report on Friday, September 1st. Zacks Investment Research raised Zogenix from a sell rating to a hold rating in a report on Friday, September 1st. Finally, BidaskClub cut Zogenix from a strong-buy rating to a buy rating in a report on Wednesday, July 19th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Zogenix has an average rating of Buy and an average target price of $40.00.
Zogenix (NASDAQ ZGNX) opened at 39.20 on Monday. Zogenix has a 52 week low of $7.50 and a 52 week high of $41.65. The stock’s 50 day moving average price is $16.21 and its 200-day moving average price is $13.46. The stock’s market capitalization is $973.77 million.
Zogenix (NASDAQ:ZGNX) last released its quarterly earnings results on Tuesday, August 8th. The company reported ($0.90) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.89) by ($0.01). The business had revenue of $7.10 million for the quarter, compared to the consensus estimate of $3.48 million. Zogenix had a negative net margin of 309.76% and a negative return on equity of 70.75%. The business’s quarterly revenue was up 238.1% on a year-over-year basis. During the same period last year, the firm posted ($0.76) EPS. Equities research analysts expect that Zogenix will post ($3.66) earnings per share for the current year.
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In other news, major shareholder Life Sciences Maste Perceptive bought 222,055 shares of the company’s stock in a transaction that occurred on Friday, September 29th. The shares were purchased at an average price of $32.83 per share, with a total value of $7,290,065.65. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 5.00% of the stock is owned by insiders.
Large investors have recently made changes to their positions in the stock. Metropolitan Life Insurance Co. NY raised its holdings in Zogenix by 17.0% during the first quarter. Metropolitan Life Insurance Co. NY now owns 19,734 shares of the company’s stock worth $214,000 after purchasing an additional 2,864 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Zogenix by 4.6% during the first quarter. Bank of New York Mellon Corp now owns 103,459 shares of the company’s stock worth $1,123,000 after purchasing an additional 4,583 shares in the last quarter. Nationwide Fund Advisors raised its holdings in Zogenix by 29.5% during the first quarter. Nationwide Fund Advisors now owns 18,748 shares of the company’s stock worth $203,000 after purchasing an additional 4,266 shares in the last quarter. Geode Capital Management LLC raised its holdings in Zogenix by 12.8% during the first quarter. Geode Capital Management LLC now owns 196,793 shares of the company’s stock worth $2,135,000 after purchasing an additional 22,407 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Zogenix by 7.8% during the first quarter. Vanguard Group Inc. now owns 974,948 shares of the company’s stock worth $10,578,000 after purchasing an additional 70,617 shares in the last quarter. 87.21% of the stock is currently owned by hedge funds and other 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. 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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