Shares of Zogenix Inc. (NASDAQ:ZGNX) traded down 7.2% during mid-day trading on Wednesday . The company traded as low as $8.76 and last traded at $8.87, with a volume of 97,808 shares. The stock had previously closed at $9.56.

A number of analysts have recently issued reports on the company. Brean Capital reiterated a “buy” rating and set a $28.00 target price on shares of Zogenix in a report on Wednesday, May 11th. Zacks Investment Research cut Zogenix from a “hold” rating to a “sell” rating in a report on Wednesday, July 13th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $22.75.

The company’s market capitalization is $220.14 million. The firm has a 50-day moving average price of $9.10 and a 200-day moving average price of $9.56.

Zogenix (NASDAQ:ZGNX) last announced its earnings results on Tuesday, August 9th. The company reported ($0.76) EPS for the quarter, beating the consensus estimate of ($0.81) by $0.05. The company had revenue of $2.10 million for the quarter, compared to analysts’ expectations of $5.36 million. During the same period in the prior year, the company earned ($3.78) earnings per share. The company’s revenue for the quarter was down 71.6% on a year-over-year basis. On average, equities analysts forecast that Zogenix Inc. will post ($3.24) earnings per share for the current year.

An institutional investor recently raised its position in Zogenix stock. Cornerstone Capital Management Holdings LLC. increased its stake in shares of Zogenix Inc. (NASDAQ:ZGNX) by 400.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 78,456 shares of the company’s stock after buying an additional 62,769 shares during the period. Cornerstone Capital Management Holdings LLC. owned approximately 0.32% of Zogenix worth $1,156,000 at the end of the most recent reporting period.

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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