Guggenheim Reaffirms “Buy” Rating for Zogenix (NASDAQ:ZGNX)

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Zogenix (NASDAQ:ZGNX)‘s stock had its “buy” rating restated by equities research analysts at Guggenheim in a research note issued on Tuesday, The Fly reports. They currently have a $78.00 price objective on the stock, up from their previous price objective of $64.00. Guggenheim’s price target would indicate a potential upside of 42.99% from the company’s current price.

Several other research analysts have also commented on ZGNX. Northland Securities reissued a “buy” rating on shares of Zogenix in a research report on Monday, November 25th. BidaskClub raised Zogenix from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 27th. Needham & Company LLC reissued a “buy” rating and issued a $58.00 price objective on shares of Zogenix in a research report on Tuesday, December 10th. Piper Jaffray Companies reissued a “buy” rating and issued a $64.00 price objective on shares of Zogenix in a research report on Friday, December 6th. Finally, JMP Securities set a $69.00 price objective on Zogenix and gave the company a “buy” rating in a research report on Thursday, September 26th. Two equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Zogenix currently has an average rating of “Buy” and a consensus target price of $61.10.

Shares of Zogenix stock opened at $54.55 on Tuesday. Zogenix has a twelve month low of $35.25 and a twelve month high of $57.22. The stock has a market capitalization of $2.43 billion, a P/E ratio of -6.06 and a beta of 2.00. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 0.04. The business’s fifty day moving average price is $51.41 and its 200 day moving average price is $46.77.

Zogenix (NASDAQ:ZGNX) last issued its earnings results on Thursday, November 7th. The company reported ($6.75) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.05) by ($5.70). The company had revenue of $0.63 million during the quarter, compared to analysts’ expectations of $0.39 million. During the same quarter in the prior year, the firm earned ($1.08) EPS. As a group, sell-side analysts predict that Zogenix will post -3.73 EPS for the current year.

In other news, CFO Michael P. Smith sold 15,000 shares of Zogenix stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $48.00, for a total transaction of $720,000.00. Following the sale, the chief financial officer now directly owns 16,387 shares of the company’s stock, valued at $786,576. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director James B. Breitmeyer sold 5,000 shares of Zogenix stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $50.00, for a total value of $250,000.00. Following the sale, the director now directly owns 6,250 shares in the company, valued at $312,500. The disclosure for this sale can be found here. Insiders sold 115,950 shares of company stock worth $5,872,460 over the last three months. 4.40% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. United Services Automobile Association increased its position in shares of Zogenix by 6.0% during the second quarter. United Services Automobile Association now owns 6,376 shares of the company’s stock worth $305,000 after acquiring an additional 362 shares during the last quarter. D. E. Shaw & Co. Inc. increased its position in shares of Zogenix by 0.5% during the second quarter. D. E. Shaw & Co. Inc. now owns 68,176 shares of the company’s stock worth $3,257,000 after acquiring an additional 363 shares during the last quarter. Metropolitan Life Insurance Co NY increased its position in shares of Zogenix by 5.0% during the third quarter. Metropolitan Life Insurance Co NY now owns 13,985 shares of the company’s stock worth $560,000 after acquiring an additional 666 shares during the last quarter. California State Teachers Retirement System increased its position in shares of Zogenix by 1.2% during the third quarter. California State Teachers Retirement System now owns 66,468 shares of the company’s stock worth $2,661,000 after acquiring an additional 794 shares during the last quarter. Finally, Point72 Hong Kong Ltd purchased a new stake in shares of Zogenix during the second quarter worth about $61,000.

Zogenix Company Profile

Zogenix, Inc, a pharmaceutical company, develops and commercializes therapies for the treatment of transformative central nervous system disorders in the United States. Its lead product candidate is the Fintepla/ZX008, a low-dose fenfluramine, which is in Phase III clinical trials for the treatment of seizures associated with Dravet syndrome.

Further Reading: Equal Weight Rating

The Fly

Analyst Recommendations for Zogenix (NASDAQ:ZGNX)

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