Zogenix, Inc. (NASDAQ:ZGNX), a pharmaceutical company developing and commercializing unique therapies for the treatment of central nervous system (CNS) disorders, announced today the closing of its previously announced underwritten public offering of 5,462,500 shares of its common stock, including 712,500 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares, at a price to the public of $18.00 per share. The gross proceeds from the offering, before underwriting discounts and commissions and offering costs, are $98,325,000.
Zogenix intends to use the net proceeds from this offering to fund clinical research and development of ZX008 in Dravet syndrome and potentially other epilepsy indications, submission of regulatory filings and preparation of commercial activities for ZX008, and for working capital and other general corporate purposes.
Leerink Partners LLC and Stifel acted as joint book-running managers for the offering.Oppenheimer & Co. and Brean Capital, LLC acted as co-managers for the offering. (Original Source)
Shares of Zogenix closed yesterday at $19.49. ZGNX has a 1-year high of $21.65 and a 1-year low of $8.56. The stock’s 50-day moving average is $16.33 and its 200-day moving average is $12.92.
On the ratings front, Zogenix has been the subject of a number of recent research reports. In a report issued on July 15, Brean Murray Carret analyst Difei Yang reiterated a Buy rating on ZGNX, with a price target of $28, which implies an upside of 44% from current levels. Separately, on May 11, Oppenheimer’s Akiva Felt maintained a Buy rating on the stock and has a price target of $20.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Difei Yang and Akiva Felt have a total average return of 23.6% and 40.9% respectively. Yang has a success rate of 61.8% and is ranked #125 out of 3724 analysts, while Felt has a success rate of 65.0% and is ranked #18.
Zogenix Inc is a pharmaceutical company engaged in commercializing & developing therapies that address clinical needs for people living with pain-related and CNS disorders that needs treatment alternatives to help return to normal daily functioning.