Zogenix, Inc. (NASDAQ:ZGNX) dropped 5.1% on Friday . The company traded as low as $39.87 and last traded at $40.05. Approximately 647,889 shares traded hands during mid-day trading, a decline of 3% from the average daily volume of 668,913 shares. The stock had previously closed at $42.20.

ZGNX has been the topic of a number of research analyst reports. Leerink Swann restated an “outperform” rating and issued a $50.00 price target (up previously from $20.00) on shares of Zogenix in a research note on Monday, October 2nd. Mizuho assumed coverage on Zogenix in a report on Wednesday, September 6th. They issued a “buy” rating and a $28.00 price objective on the stock. ValuEngine raised Zogenix from a “sell” rating to a “hold” rating in a report on Saturday, September 30th. William Blair raised Zogenix from a “market perform” rating to an “outperform” rating in a report on Friday, September 29th. Finally, JMP Securities assumed coverage on Zogenix in a report on Monday, November 27th. They issued an “outperform” rating and a $56.00 price objective on the stock. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $42.67.

The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.71 and a current ratio of 2.71. The firm has a market capitalization of $1,445.45, a price-to-earnings ratio of -9.06 and a beta of 2.01.

In related news, major shareholder Life Sciences Maste Perceptive bought 300,000 shares of Zogenix stock in a transaction dated Tuesday, October 3rd. The shares were bought at an average cost of $37.50 per share, with a total value of $11,250,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Roger Hawley sold 11,797 shares of the stock in a transaction on Friday, December 8th. The stock was sold at an average price of $37.02, for a total value of $436,724.94. Following the sale, the director now directly owns 105,575 shares in the company, valued at $3,908,386.50. The disclosure for this sale can be found here. Corporate insiders own 5.00% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new stake in shares of Zogenix during the 2nd quarter worth $100,000. Stifel Financial Corp acquired a new stake in shares of Zogenix during the 2nd quarter worth $175,000. Voya Investment Management LLC grew its holdings in shares of Zogenix by 13.5% during the 2nd quarter. Voya Investment Management LLC now owns 14,147 shares of the company’s stock worth $205,000 after purchasing an additional 1,686 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of Zogenix during the 3rd quarter worth $226,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Zogenix during the 2nd quarter worth $231,000. 73.43% of the stock is currently owned by 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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