Northland Securities analyst Carl Byrnes maintained a Buy rating on Zogenix (ZGNX) today and set a price target of $60. The company’s shares closed yesterday at $38.19, close to its 52-week low of $33.43.
Byrnes commented:
“We note that 1504 demonstrated 63% and 54% reductions in mean monthly convulsive seizure frequency, versus comparator arms that excluded or included stiripentol therapy, respectively. FINTEPLA was also shown to significantly extend seizure free intervals to ~1 month, with an exceptionally high response rate >70%. Considering that the FDA is NOT requiring any additional efficacy or safety clinical trials, combined with the robust results from pivotal P3 trials, we remain optimistic regarding NDA resubmission and regulatory clearance. However, there exists a material probability that the FDA will require the Co. to conduct 6-month and 9-month ICH non-clinical toxicology studies to assess chronic administration, which may prove to delay approval into mid-2020.”
According to TipRanks.com, Byrnes is ranked 0 out of 5 stars with an average return of -7.4% and a 24.4% success rate. Byrnes covers the Healthcare sector, focusing on stocks such as Aridis Pharmaceuticals Inc, Adamas Pharmaceuticals, and Flexion Therapeutics.
Zogenix has an analyst consensus of Strong Buy, with a price target consensus of $56.75, a 48.6% upside from current levels. In a report released today, Mizuho Securities also maintained a Buy rating on the stock with a $58 price target.
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Based on Zogenix’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $22.43 million. In comparison, last year the company had a GAAP net loss of $30.18 million.
Based on the recent corporate insider activity of 27 insiders, corporate insider sentiment is negative on the stock.
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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.
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