JMP Securities Begins Coverage on Zogenix (ZGNX)
JMP Securities initiated coverage on shares of Zogenix (NASDAQ:ZGNX) in a report issued on Monday morning, Marketbeat.com reports. The firm issued an outperform rating and a $56.00 price target on the stock.
Other equities research analysts also recently issued reports about the stock. Stifel Nicolaus reiterated a buy rating and set a $55.00 price target (up from $26.00) on shares of Zogenix in a research report on Friday, September 29th. Mizuho reiterated a buy rating and set a $51.00 price target (up from $28.00) on shares of Zogenix in a research report on Friday, September 29th. Zacks Investment Research upgraded shares of Zogenix from a sell rating to a hold rating in a research report on Friday, September 1st. ValuEngine upgraded shares of Zogenix from a sell rating to a hold rating in a research report on Tuesday, August 22nd. Finally, BidaskClub upgraded Zogenix from a sell rating to a hold rating in a research report on Friday, August 18th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Zogenix has a consensus rating of Buy and a consensus price target of $42.67.
Shares of Zogenix (NASDAQ ZGNX) opened at $37.90 on Monday. Zogenix has a 12-month low of $7.70 and a 12-month high of $42.60. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.71 and a current ratio of 2.71.
In related news, major shareholder Life Sciences Maste Perceptive acquired 300,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 3rd. The stock was purchased at an average cost of $37.50 per share, for a total transaction of $11,250,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 6.60% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Metropolitan Life Insurance Co. NY grew its stake in Zogenix by 17.0% in the 1st quarter. Metropolitan Life Insurance Co. NY now owns 19,734 shares of the company’s stock worth $214,000 after acquiring an additional 2,864 shares during the period. JPMorgan Chase & Co. grew its stake in Zogenix by 1,794.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 286,299 shares of the company’s stock worth $4,152,000 after acquiring an additional 271,186 shares during the period. Geode Capital Management LLC grew its stake in Zogenix by 12.8% in the 1st quarter. Geode Capital Management LLC now owns 196,793 shares of the company’s stock worth $2,135,000 after acquiring an additional 22,407 shares during the period. Vanguard Group Inc. grew its stake in Zogenix by 7.8% in the 1st quarter. Vanguard Group Inc. now owns 974,948 shares of the company’s stock worth $10,578,000 after acquiring an additional 70,617 shares during the period. Finally, Nationwide Fund Advisors grew its stake in Zogenix by 367.3% in the 2nd quarter. Nationwide Fund Advisors now owns 87,611 shares of the company’s stock worth $1,270,000 after acquiring an additional 68,863 shares during the period. 73.47% of the stock is owned by hedge funds and other institutional investors.
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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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