Mizuho began coverage on shares of Zogenix, Inc. (NASDAQ:ZGNX) in a research report released on Wednesday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $28.00 price objective on the stock.
“We are initiating coverage on ZGNX with a BUY rating/$28 PT given our view of strong efficacy of its lead drug, ZX008, on Dravet patients. While investors are mainly concerned over competition from peers like GW Pharma, our analysis of the clinical data suggests that ZX008 may boast a superior long- term efficacy profile over its competitors with tolerable side effects. Upcoming Phase III read-outs in 3Q17 and 4Q17 or 1Q18 are critical to the company’s success; we have high conviction for positive outcomes. KeyPoints ZX008 is targeting a patient population with high unmet need and we believe it has a profile potentially better than key competition.”,” the firm’s analyst wrote.
ZGNX has been the subject of several other research reports. Zacks Investment Research upgraded shares of Zogenix from a sell rating to a hold rating in a research report on Friday, September 1st. BidaskClub cut shares of Zogenix from a strong-buy rating to a buy rating in a research report on Wednesday, July 19th. ValuEngine raised shares of Zogenix from a sell rating to a hold rating in a report on Tuesday, August 22nd. Finally, Stifel Nicolaus reissued a buy rating and issued a $26.00 price target on shares of Zogenix in a report on Monday, June 26th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $23.83.
Shares of Zogenix (ZGNX) opened at 16.25 on Wednesday. The company’s market capitalization is $403.67 million. The stock’s 50 day moving average price is $12.43 and its 200 day moving average price is $12.25. Zogenix has a 1-year low of $7.50 and a 1-year high of $16.40.
Zogenix (NASDAQ:ZGNX) last issued its earnings results on Tuesday, August 8th. The company reported ($0.90) EPS for the quarter, missing the 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 revenue was up 238.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.76) EPS. Analysts expect that Zogenix will post ($3.74) EPS for the current year.
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In other news, major shareholder Life Sciences Maste Perceptive purchased 175,653 shares of the firm’s stock in a transaction dated Friday, June 30th. The stock was bought at an average price of $14.45 per share, with a total value of $2,538,185.85. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 5.00% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new position in Zogenix in the 2nd quarter worth $100,000. American International Group Inc. boosted its stake 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 purchasing an additional 1,010 shares during the period. Acadian Asset Management LLC acquired a new position in Zogenix in the 1st quarter worth $172,000. Stifel Financial Corp acquired a new position in Zogenix in the 2nd quarter worth $175,000. Finally, Oppenheimer & Co. Inc. acquired a new position in Zogenix in the 1st quarter worth $185,000. 87.15% of the stock is owned by hedge funds and other institutional investors.
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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