Zogenix Inc. (NASDAQ:ZGNX) shares fell 4.2% during mid-day trading on Wednesday . The stock traded as low as $8.19 and last traded at $9.11, with a volume of 148,956 shares traded. The stock had previously closed at $9.51.

Several brokerages have recently issued reports on ZGNX. Brean Capital reissued a “buy” rating and issued a $28.00 target price on shares of Zogenix in a research report on Wednesday, May 11th. Zacks Investment Research lowered Zogenix from a “hold” rating to a “sell” rating in a research report on Wednesday, July 13th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. Zogenix has an average rating of “Hold” and a consensus price target of $22.75.

The company has a market cap of $226.65 million and a P/E ratio of 5.41. The firm has a 50 day moving average of $8.66 and a 200-day moving average of $9.56.

Zogenix (NASDAQ:ZGNX) last released its quarterly earnings results on Tuesday, August 9th. The company reported ($0.76) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.81) by $0.05. During the same quarter in the prior year, the business posted ($3.78) EPS. The company earned $2.10 million during the quarter, compared to analysts’ expectations of $5.36 million. The company’s revenue was down 71.6% on a year-over-year basis. Analysts forecast that Zogenix Inc. will post ($3.21) earnings per share for the current fiscal year.

An institutional investor recently raised its position in Zogenix stock. Pyrrho Capital Management LP raised its stake in shares of Zogenix Inc. (NASDAQ:ZGNX) by 13.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 148,260 shares of the company’s stock after buying an additional 17,860 shares during the period. Zogenix comprises 1.5% of Pyrrho Capital Management LP’s investment portfolio, making the stock its 5th largest position. Pyrrho Capital Management LP owned approximately 0.60% of Zogenix worth $2,185,000 as of its most recent SEC filing.

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 in requirement of treatment alternatives. The Company’s areas of focus are epilepsy and schizophrenia.

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