Zacks Investment Research Downgrades Zogenix (NASDAQ:ZGNX) to Sell

Zogenix (NASDAQ:ZGNX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday, 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 analysts have also issued reports on ZGNX. Citigroup lowered their price target on shares of Zogenix from $23.00 to $20.00 and set a “neutral” rating on the stock in a research report on Friday, August 6th. SVB Leerink dropped their target price on Zogenix from $42.00 to $37.00 and set an “outperform” rating on the stock in a research report on Friday, August 6th. Needham & Company LLC cut their price target on Zogenix from $48.00 to $44.00 and set a “buy” rating for the company in a report on Friday, August 6th. UBS Group assumed coverage on Zogenix in a research note on Thursday, September 9th. They set a “buy” rating and a $23.00 price objective on the stock. Finally, Raymond James set a $17.67 target price on Zogenix in a research note on Saturday, July 10th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $32.24.

Shares of NASDAQ ZGNX opened at $15.49 on Thursday. The company has a current ratio of 6.01, a quick ratio of 5.96 and a debt-to-equity ratio of 0.56. The stock has a fifty day simple moving average of $15.16 and a two-hundred day simple moving average of $17.40. Zogenix has a 1-year low of $13.01 and a 1-year high of $23.69. The firm has a market cap of $865.86 million, a price-to-earnings ratio of -3.53 and a beta of 1.35.

Zogenix (NASDAQ:ZGNX) last posted its quarterly earnings results on Thursday, August 5th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.12). Zogenix had a negative return on equity of 68.36% and a negative net margin of 558.42%. The firm had revenue of $18.79 million for the quarter, compared to the consensus estimate of $17.06 million. Analysts forecast that Zogenix will post -3.76 EPS for the current year.

In other Zogenix news, Director Cam L. Garner bought 10,000 shares of Zogenix stock in a transaction that occurred on Tuesday, August 10th. The stock was acquired at an average cost of $14.83 per share, for a total transaction of $148,300.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.10% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of ZGNX. Morgan Stanley lifted its holdings in shares of Zogenix by 18.3% during the 1st quarter. Morgan Stanley now owns 3,746,777 shares of the company’s stock worth $73,136,000 after acquiring an additional 578,391 shares during the last quarter. Barclays PLC lifted its stake in Zogenix by 178.8% during the first quarter. Barclays PLC now owns 52,183 shares of the company’s stock worth $1,019,000 after purchasing an additional 33,465 shares during the last quarter. GSA Capital Partners LLP lifted its stake in Zogenix by 79.1% during the first quarter. GSA Capital Partners LLP now owns 25,726 shares of the company’s stock worth $502,000 after purchasing an additional 11,364 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Zogenix by 39.6% during the 1st quarter. JPMorgan Chase & Co. now owns 142,538 shares of the company’s stock valued at $2,782,000 after purchasing an additional 40,433 shares during the last quarter. Finally, Janus Henderson Group PLC increased its position in shares of Zogenix by 1.4% during the 1st quarter. Janus Henderson Group PLC now owns 1,781,217 shares of the company’s stock valued at $34,769,000 after purchasing an additional 24,635 shares during the last quarter.

About Zogenix

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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