Zogenix (NASDAQ:ZGNX) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Zogenix (NASDAQ:ZGNX) from a hold rating to a sell rating in a research report report published on Thursday morning, Zacks.com reports.

According to Zacks, “Zogenix is a specialty biopharmaceutical company focused on developing therapies for patients with rare central nervous system conditions that have limited or no treatment options. The company is currently pursuing two therapies targeting the Dravet Syndrome and the Lennox-Gastaut Syndrome. “

Several other equities research analysts have also recently issued reports on ZGNX. Needham & Company LLC cut their price objective on shares of Zogenix from $48.00 to $44.00 and set a buy rating for the company in a research report on Friday, August 6th. SVB Leerink cut their price objective on shares of Zogenix from $42.00 to $37.00 and set an outperform rating for the company in a research report on Friday, August 6th. Citigroup cut their price objective on shares of Zogenix from $23.00 to $20.00 and set a neutral rating for the company in a research report on Friday, August 6th. Raymond James set a $17.67 price target on shares of Zogenix in a research report on Saturday, July 10th. Finally, UBS Group started coverage on shares of Zogenix in a research report on Thursday, September 9th. They set a buy rating and a $23.00 price target for the company. 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. According to MarketBeat.com, the company presently has an average rating of Hold and an average price target of $32.24.

Shares of NASDAQ ZGNX opened at $15.49 on Thursday. The firm has a 50-day simple moving average of $15.16 and a 200-day simple moving average of $17.38. The stock has a market capitalization of $865.86 million, a price-to-earnings ratio of -3.53 and a beta of 1.35. The company has a quick ratio of 5.96, a current ratio of 6.01 and a debt-to-equity ratio of 0.56. Zogenix has a 52 week low of $13.01 and a 52 week high of $23.69.

Zogenix (NASDAQ:ZGNX) last issued its earnings results on Thursday, August 5th. The company reported ($1.05) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.93) by ($0.12). The business had revenue of $18.79 million during the quarter, compared to analyst estimates of $17.06 million. Zogenix had a negative net margin of 558.42% and a negative return on equity of 68.36%. As a group, equities research analysts expect that Zogenix will post -3.76 EPS for the current year.

In other Zogenix news, Director Cam L. Garner acquired 10,000 shares of the stock in a transaction dated Tuesday, August 10th. The stock was acquired at an average price of $14.83 per share, with a total value of $148,300.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.10% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of ZGNX. BlackRock Inc. lifted its stake in Zogenix by 15.4% in the second quarter. BlackRock Inc. now owns 5,678,868 shares of the company’s stock worth $98,132,000 after acquiring an additional 755,896 shares during the last quarter. Morgan Stanley lifted its stake in Zogenix by 10.2% in the second quarter. Morgan Stanley now owns 4,129,534 shares of the company’s stock worth $71,357,000 after acquiring an additional 382,757 shares during the last quarter. Franklin Resources Inc. lifted its stake in Zogenix by 12.5% in the second quarter. Franklin Resources Inc. now owns 3,051,570 shares of the company’s stock worth $52,731,000 after acquiring an additional 338,687 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Zogenix by 29.2% in the first quarter. Bank of New York Mellon Corp now owns 2,406,351 shares of the company’s stock worth $46,972,000 after acquiring an additional 543,726 shares during the last quarter. Finally, Marshall Wace LLP lifted its stake in Zogenix by 0.6% in the second quarter. Marshall Wace LLP now owns 2,326,808 shares of the company’s stock worth $40,208,000 after acquiring an additional 14,178 shares during the last quarter.

Zogenix Company Profile

Zogenix, Inc is a pharmaceutical company. The firm engages in the development and commercialization of central nervous system (CNS) therapies and products for the treatment orphan diseases and other CNS disorders. Its products include Fintepla and MT1621. The company was founded by Stephen James Farr, Cam L.

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