Zogenix (ZGNX) Coverage Initiated at Bank of America
Investment analysts at Bank of America initiated coverage on shares of Zogenix (NASDAQ:ZGNX) in a research note issued on Friday, The Fly reports. The firm set a “buy” rating on the stock.
A number of other equities research analysts also recently weighed in on ZGNX. BidaskClub downgraded shares of Zogenix from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 26th. Zacks Investment Research raised shares of Zogenix from a “sell” rating to a “hold” rating in a report on Wednesday, June 6th. Northland Securities started coverage on shares of Zogenix in a report on Wednesday. They issued an “outperform” rating and a $70.00 price target for the company. Stifel Nicolaus boosted their price objective on Zogenix from $55.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, July 13th. Finally, Mizuho restated a “buy” rating and set a $69.00 price objective on shares of Zogenix in a report on Thursday, August 9th. Two analysts have rated the stock with a sell rating, ten have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $69.00.
Shares of NASDAQ ZGNX opened at $48.75 on Friday. Zogenix has a twelve month low of $11.80 and a twelve month high of $62.75. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of -12.13 and a beta of 2.12.
In other news, EVP Gail M. Farfel sold 7,000 shares of the company’s stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $52.62, for a total value of $368,340.00. Following the transaction, the executive vice president now owns 14,143 shares in the company, valued at approximately $744,204.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Life Sciences Maste Perceptive bought 100,000 shares of the company’s stock in a transaction dated Friday, August 10th. The stock was acquired at an average price of $52.00 per share, for a total transaction of $5,200,000.00. The disclosure for this purchase can be found here. 5.00% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of ZGNX. Bank of New York Mellon Corp increased its holdings in shares of Zogenix by 761.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,534,645 shares of the company’s stock valued at $67,831,000 after purchasing an additional 1,356,428 shares during the period. Farallon Capital Management LLC increased its holdings in shares of Zogenix by 85.4% in the 1st quarter. Farallon Capital Management LLC now owns 1,576,000 shares of the company’s stock valued at $63,119,000 after purchasing an additional 726,000 shares during the period. BlackRock Inc. increased its holdings in shares of Zogenix by 12.4% in the 2nd quarter. BlackRock Inc. now owns 2,939,543 shares of the company’s stock valued at $129,928,000 after purchasing an additional 324,650 shares during the period. Artal Group S.A. acquired a new position in shares of Zogenix in the 1st quarter valued at about $8,010,000. Finally, GW&K Investment Management LLC acquired a new position in shares of Zogenix in the 1st quarter valued at about $5,043,000.
Zogenix Company Profile
Zogenix, Inc, a pharmaceutical company, develops and commercializes therapies for the treatment of central nervous system disorders in the United States. Its lead product candidate is the ZX008, a low-dose fenfluramine, which is in Phase III clinical trials for the treatment of seizures associated with Dravet syndrome.
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