Zogenix, Inc. (ZGNX) Trading 10.3% Higher
Shares of Zogenix, Inc. (NASDAQ:ZGNX) rose 10.3% during trading on Friday . The stock traded as high as $14.40 and last traded at $14.40. Approximately 1,170,115 shares changed hands during mid-day trading, an increase of 169% from the average daily volume of 435,394 shares. The stock had previously closed at $13.05.
ZGNX has been the topic of several analyst reports. Stifel Nicolaus reiterated a “buy” rating and issued a $26.00 target price on shares of Zogenix in a 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 report on Friday, July 7th. BidaskClub cut Zogenix from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 19th. Finally, ValuEngine cut Zogenix from a “hold” rating to a “sell” rating in a report on Saturday, August 12th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $23.00.
The firm’s market cap is $357.71 million. The stock’s 50-day moving average is $12.85 and its 200 day moving average is $12.50.
Zogenix (NASDAQ:ZGNX) last released its quarterly earnings data 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 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%. The business’s quarterly revenue was up 238.1% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.76) EPS. On average, equities research analysts anticipate that Zogenix, Inc. will post ($3.69) EPS for the current year.
In other Zogenix news, major shareholder Life Sciences Maste Perceptive bought 175,653 shares of the company’s stock in a transaction dated Friday, June 30th. The shares were purchased at an average cost of $14.45 per share, for a total transaction of $2,538,185.85. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.00% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of ZGNX. Nationwide Fund Advisors grew its position in shares of Zogenix by 29.5% during the 1st 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 during the period. Acadian Asset Management LLC acquired a new stake in Zogenix in the 1st quarter worth about $172,000. Bank of New York Mellon Corp boosted its holdings in Zogenix by 4.6% in the 1st quarter. Bank of New York Mellon Corp now owns 103,459 shares of the company’s stock worth $1,123,000 after buying an additional 4,583 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in Zogenix by 43.6% in the 1st quarter. Ameriprise Financial Inc. now owns 229,134 shares of the company’s stock worth $2,486,000 after buying an additional 69,552 shares during the last quarter. Finally, American International Group Inc. boosted its holdings in 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 buying an additional 1,010 shares during the last quarter. Hedge funds and other institutional investors own 87.15% of the company’s stock.
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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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