Market Overview

UPDATE: Oppenheimer Downgrades Zogenix to Perform Following Negative Panel

Share:
Related ZGNX
Zogenix Announces New Efficacy Data from Long-Term Study of Low-Dose Fenfluramine for Treatment of Dravet Syndrome
Zogenix Announces First Patient Dosed in Relday Multi-Dose Clinical Study

Oppenheimer reduced its rating on Zogenix (NASDAQ: ZGNX) from Outperform to Perform and removed its $3 price target.

Oppenheimer said, "On 12/7, ZGNX's Zohydro did not receive a positive recommendation from an FDA Advisory Committee, which cited safety concerns, mainly abuse potential and dependence. It appeared that the panel held Zohydro to a higher standard than other in-class drugs. As such, we do not anticipate that ZGNX will receive approval by the 3/1/13 PDUFA with potential approval likely delayed until abuse risks are mitigated. We believe ZGNX will continue to work with the FDA to improve upon the current REMS program, which the panel viewed as insufficient (owing mainly to its voluntary nature)."

Zogenix closed at $2.36 on Friday.

Latest Ratings for ZGNX

DateFirmActionFromTo
Apr 2015Piper JaffrayInitiates Coverage onOverweight
Apr 2015Empire Asset ManagementInitiates Coverage onBuy
Mar 2015William BlairDowngradesOutperformMarket Perform

View More Analyst Ratings for ZGNX
View the Latest Analyst Ratings

Posted-In: OppenheimerAnalyst Color Downgrades Intraday Update Analyst Ratings

 

Related Articles (ZGNX)

Around the Web, We're Loving...

Get Benzinga's Newsletters