Zogenix’s (ZGNX) “Buy” Rating Reaffirmed at Mizuho

Mizuho reiterated their buy rating on shares of Zogenix (NASDAQ:ZGNX) in a research note issued to investors on Tuesday. The brokerage currently has a $69.00 price target on the stock.

“We believe FINTEPLA’s unique mechanism of action has been a key part of the impressive data observed in Dravet syndrome (DS), a relatively homogeneous disease. Going forward we believe data in new indications will be an important part of the story, especially in Lennox-Gastaut syndrome (LGS) with Phase III data expected in 1Q20. While LGS is a potentially larger market, the disease is less homogeneous (caused by different genes). However, initial data is encouraging and we do see potential for FINTEPLA to show superior data vs. competitor Epidiolex.”,” Mizuho’s analyst commented.

A number of other research analysts have also recently issued reports on ZGNX. Leerink Swann started coverage on shares of Zogenix in a report on Monday, November 12th. They issued an outperform rating and a $60.00 price target for the company. Zacks Investment Research cut shares of Zogenix from a buy rating to a hold rating in a report on Saturday, November 17th. BidaskClub raised shares of Zogenix from a hold rating to a buy rating in a report on Wednesday, January 9th. Finally, Guggenheim started coverage on shares of Zogenix in a research note on Friday, February 22nd. They issued a buy rating and a $70.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $70.00.

NASDAQ:ZGNX opened at $52.63 on Tuesday. Zogenix has a 52 week low of $33.43 and a 52 week high of $62.75. The company has a market cap of $2.24 billion, a P/E ratio of -16.29 and a beta of 2.18.

In related news, CEO Stephen J. Farr sold 90,313 shares of the firm’s stock in a transaction on Thursday, January 10th. The shares were sold at an average price of $45.00, for a total transaction of $4,064,085.00. Following the sale, the chief executive officer now owns 52,259 shares in the company, valued at $2,351,655. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Renee P. Tannenbaum sold 17,503 shares of the firm’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $50.65, for a total transaction of $886,526.95. Following the sale, the director now owns 19,375 shares in the company, valued at approximately $981,343.75. The disclosure for this sale can be found here. Insiders sold 141,096 shares of company stock worth $6,575,536 in the last quarter. Company insiders own 4.60% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its position in Zogenix by 12.5% during the fourth quarter. Geode Capital Management LLC now owns 488,181 shares of the company’s stock valued at $17,799,000 after buying an additional 54,187 shares during the period. Dimensional Fund Advisors LP grew its position in Zogenix by 102.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 470,460 shares of the company’s stock valued at $17,152,000 after buying an additional 238,002 shares during the period. FMR LLC grew its position in Zogenix by 225.2% during the fourth quarter. FMR LLC now owns 4,184,131 shares of the company’s stock valued at $152,553,000 after buying an additional 2,897,392 shares during the period. Amalgamated Bank acquired a new stake in Zogenix during the fourth quarter valued at $219,000. Finally, Great Point Partners LLC acquired a new stake in Zogenix during the fourth quarter valued at $36,460,000.

About Zogenix

Zogenix, Inc, a pharmaceutical company, develops and commercializes therapies for the treatment of transformative central nervous system disorders in the United States. Its lead product candidate is the Fintepla/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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