Shares of Zogenix, Inc. (NASDAQ:ZGNX) were down 6.4% during mid-day trading on Thursday . The stock traded as low as $34.90 and last traded at $35.10. Approximately 1,296,470 shares changed hands during mid-day trading, an increase of 26% from the average daily volume of 1,027,557 shares. The stock had previously closed at $37.50.
Several analysts have issued reports on ZGNX shares. Mizuho started coverage on shares of Zogenix in a research note on Wednesday, September 6th. They issued a “buy” rating and a $28.00 price objective for the company. Stifel Nicolaus reissued a “buy” rating and issued a $55.00 price objective (up previously from $26.00) on shares of Zogenix in a research note on Friday, September 29th. William Blair raised shares of Zogenix from a “market perform” rating to an “outperform” rating in a research note on Friday, September 29th. Leerink Swann reissued an “outperform” rating and issued a $50.00 price objective (up previously from $20.00) on shares of Zogenix in a research note on Monday, October 2nd. Finally, JMP Securities started coverage on shares of Zogenix in a research note on Monday, November 27th. They issued an “outperform” rating and a $56.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $42.67.
The firm has a market cap of $1,110.00, a P/E ratio of -8.00 and a beta of 1.96. The company has a quick ratio of 2.71, a current ratio of 2.71 and a debt-to-equity ratio of 0.23.
In related news, EVP Bradley S. Galer bought 1,346 shares of Zogenix stock in a transaction dated Wednesday, December 13th. The shares were acquired at an average cost of $36.59 per share, with a total value of $49,250.14. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Roger Hawley sold 63,203 shares of the firm’s stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $36.84, for a total transaction of $2,328,398.52. Following the transaction, the director now directly owns 105,575 shares in the company, valued at $3,889,383. The disclosure for this sale can be found here. Company insiders own 5.00% of the company’s stock.
Large investors have recently modified their holdings of the company. SG Americas Securities LLC purchased a new position in shares of Zogenix during the second quarter worth approximately $100,000. Stifel Financial Corp purchased a new position in shares of Zogenix during the second quarter worth approximately $175,000. Voya Investment Management LLC increased its position in shares of Zogenix by 13.5% during the second quarter. Voya Investment Management LLC now owns 14,147 shares of the company’s stock worth $205,000 after acquiring an additional 1,686 shares during the period. Cubist Systematic Strategies LLC purchased a new position in shares of Zogenix during the third quarter worth approximately $226,000. Finally, GSA Capital Partners LLP purchased a new position in shares of Zogenix during the second quarter worth approximately $231,000. 73.43% of the stock is currently owned by institutional investors and hedge funds.
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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