Zogenix, Inc. (ZGNX) Shares Gap Up After Analyst Upgrade
Zogenix, Inc. (NASDAQ:ZGNX) gapped up prior to trading on Monday after Leerink Swann raised their price target on the stock from $20.00 to $50.00. The stock had previously closed at $33.60, but opened at $35.05. Leerink Swann currently has an outperform rating on the stock. Zogenix shares last traded at $38.90, with a volume of 11,213,486 shares traded.
Other research analysts also recently issued research reports about the stock. BidaskClub downgraded shares of Zogenix from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Zacks Investment Research lowered Zogenix from a “hold” rating to a “sell” rating in a research report on Saturday, August 12th. ValuEngine raised Zogenix from a “sell” rating to a “hold” rating in a research note on Tuesday, August 22nd. William Blair raised Zogenix from a “market perform” rating to an “outperform” rating in a research note on Friday. Finally, Stifel Nicolaus restated a “buy” rating and set a $55.00 price objective (up from $26.00) on shares of Zogenix in a research report on Friday. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $35.40.
A number of hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC purchased a new stake in shares of Zogenix in the second quarter valued at $100,000. American International Group Inc. lifted its holdings in shares of Zogenix by 7.1% in the 1st quarter. American International Group Inc. now owns 15,278 shares of the company’s stock worth $166,000 after acquiring an additional 1,010 shares during the last quarter. Stifel Financial Corp bought a new stake in shares of Zogenix in the 2nd quarter worth about $175,000. Oppenheimer & Co. Inc. bought a new stake in shares of Zogenix in the 1st quarter worth about $185,000. Finally, Nationwide Fund Advisors lifted its holdings in shares of Zogenix by 29.5% in the 1st quarter. Nationwide Fund Advisors now owns 18,748 shares of the company’s stock worth $203,000 after acquiring an additional 4,266 shares during the last quarter. Institutional investors and hedge funds own 87.21% of the company’s stock.
The stock’s market capitalization is $966.32 million. The company has a 50-day moving average price of $12.85 and a 200-day moving average price of $12.50.
Zogenix (NASDAQ:ZGNX) last released its quarterly earnings data on Tuesday, August 8th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.89) by ($0.01). Zogenix had a negative return on equity of 70.75% and a negative net margin of 309.76%. The firm had revenue of $7.10 million for the quarter, compared to analyst estimates of $3.48 million. During the same quarter in the previous year, the business posted ($0.76) earnings per share. Zogenix’s revenue for the quarter was up 238.1% on a year-over-year basis. Equities analysts predict that Zogenix, Inc. will post ($3.65) earnings per share for the current year.
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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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