UPDATE: Stifel Nicolaus Reduces PT to $6 on Zogenix on Dilutive Deal
Stifel Nicolaus reiterated its Buy rating on Zogenix (NASDAQ: ZGNX) but lowered its price target from $7 to $6.
Stifel Nicolaus commented, "We look to Zohydro to be the true value driver for Zogenix coming off another low quarter for Sumavel. Though the recent deal is dilutive, causing us to lower our target price to $6, Zogenix is in a better position for pipeline development, partner negotiations and eventual sales force investment."
Zogenix closed at $2.07 on Wednesday.
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