Northland Securities Remains a Buy on Zogenix (ZGNX)

By Carrie Williams

In a report released today, Carl Byrnes from Northland Securities maintained a Buy rating on Zogenix (ZGNXResearch Report), with a price target of $60. The company’s shares closed yesterday at $47.48.

Byrnes observed:

“We are reiterating our OP rating, reflecting our confidence in FINTEPLA’s approval for Dravet syndrome in 2H2020. Zogenix anticipates resubmission of the NDA in September, along with TLR data from Study 1601 – a P3 trial evaluating FINTEPLA for treating Lennox-Gastaut syndrome. We are forecasting peak global sales of FINTEPLA to exceed $2B. Zogenix reported 2Q results and provided an update, with the most important news being the anticipated resubmission of the for FINTEPLA (low-dose fenfluramine) in September for the treatment of Dravet syndrome – a rare and catastrophe form of pediatric-onset epilepsy. The Co. reported a net loss of ($37.8MM) equating to EPS of ($0.89), which was lower than our forecast of ($42.7MM) and ($1.00), respectively.”

According to TipRanks.com, Byrnes ‘ ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -16.4% and a 10.6% success rate. Byrnes covers the Healthcare sector, focusing on stocks such as Opiant Pharmaceuticals Inc, Aridis Pharmaceuticals Inc, and Adamas Pharmaceuticals.

Zogenix has an analyst consensus of Strong Buy, with a price target consensus of $62.60.

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The company has a one-year high of $56.50 and a one-year low of $33.43. Currently, Zogenix has an average volume of 501.8K.

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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.