Zogenix, Inc. (ZGNX) Sees Large Volume Increase
Shares of Zogenix, Inc. (NASDAQ:ZGNX) saw strong trading volume on Wednesday . 2,756,085 shares traded hands during trading, an increase of 829% from the previous session’s volume of 296,714 shares.The stock last traded at $14.65 and had previously closed at $13.00.
Several analysts have recently commented on the company. Mizuho assumed coverage on Zogenix in a report on Wednesday. They set a “buy” rating and a $28.00 target price on the stock. ValuEngine cut Zogenix from a “hold” rating to a “sell” rating in a report on Friday, September 1st. Zacks Investment Research upgraded Zogenix from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Finally, BidaskClub upgraded Zogenix from a “sell” rating to a “hold” rating in a report on Friday, August 18th. One equities 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. Zogenix currently has a consensus rating of “Buy” and an average price target of $23.83.
The company’s market cap is $383.79 million. The firm’s 50-day moving average is $12.36 and its 200-day moving average is $12.22.
Zogenix (NASDAQ:ZGNX) last issued its quarterly earnings data on Tuesday, August 8th. The company reported ($0.90) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.89) by $0.01. Zogenix had a negative return on equity of 70.75% and a negative net margin of 309.76%. The firm had revenue of $7.10 million for the quarter, compared to the consensus estimate of $3.48 million. During the same quarter in the prior year, the firm earned ($0.76) EPS. The company’s revenue was up 238.1% on a year-over-year basis. On average, equities research analysts expect that Zogenix, Inc. will post ($3.74) EPS for the current fiscal year.
In related news, major shareholder Life Sciences Maste Perceptive purchased 175,653 shares of Zogenix stock in a transaction on Friday, June 30th. The shares were purchased at an average price of $14.45 per share, for a total transaction of $2,538,185.85. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 5.00% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in shares of Zogenix in the 2nd quarter valued at about $100,000. American International Group Inc. lifted its stake in shares of Zogenix by 7.1% in the 1st quarter. American International Group Inc. now owns 15,278 shares of the company’s stock valued at $166,000 after purchasing an additional 1,010 shares during the period. Acadian Asset Management LLC acquired a new position in shares of Zogenix in the 1st quarter valued at about $172,000. Stifel Financial Corp acquired a new position in shares of Zogenix in the 2nd quarter valued at about $175,000. Finally, Oppenheimer & Co. Inc. acquired a new position in shares of Zogenix in the 1st quarter valued at about $185,000. Hedge funds and other institutional investors own 87.15% of the company’s stock.
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Zogenix Company Profile
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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