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Mizuho Securities Keeps a Buy Rating on Zogenix (ZGNX)


Mizuho Securities analyst Difei Yang reiterated a Buy rating on Zogenix (ZGNX) today and set a price target of $69. The company’s shares closed yesterday at $43.30.

Yang commented:

“We do not see earnings as the most meaningful indicator of value for an early-stage biotech. Management announced a slight delay in the submission of the final part of the NDA for FINTEPLA (ZX008); now expected in early 2019 vs. late 2018 previously. The delay is due to additional analyses that Zogenix will complete following pre-NDA discussions with the FDA. We do not see the delay as material and we reiterate our Buy rating and $69 PT.”

According to TipRanks.com, Yang is a 5-star analyst with an average return of 19.7% and a 48.3% success rate. Yang covers the Healthcare sector, focusing on stocks such as Alder Biopharmaceuticals, Audentes Therapeutics, and Revance Therapeutics.

Zogenix has an analyst consensus of Strong Buy, with a price target consensus of $77.88, representing a 79.9% upside. In a report issued on November 5, Piper Jaffray also initiated coverage with a Buy rating on the stock with a $72 price target.

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Based on Zogenix’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $29.04 million. In comparison, last year the company had a GAAP net loss of $42.79 million.

Based on the recent corporate insider activity of 14 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ZGNX in relation to earlier this year. Last month, Erle Mast, a Director at ZGNX bought 1,468 shares for a total of $39,360.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Zogenix, Inc. is a pharmaceutical compan. It engages in the development and commercialization of central nervous system (CNS) therapies and products for the treatment orphan diseases and other CNS disorders. Its products include ZX008 and Relday.