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UPDATE: Stifel Nicolaus Downgrades Zogenix to Hold Following FDA Panel

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Stifel Nicolaus reduced its rating on Zogenix (NASDAQ: ZGNX) from Buy to Hold and removed its $6 price target.

Stifel Nicolaus said, "The FDA Advisory Committee for Zohydro ER (single-entity hydrocodone for moderate-severe chronic pain) voted 11-2 (one abstention) against approval, highlighting concern about the opioid abuse epidemic by adding yet another non tamper-resistant, high-dose opioid. … [I]ncomplete information about how to limit the addressable population, concern regarding REMS implementation, and lack of tamper-resistance were key sticking points. Although FDA may still approve Zohydro given its legal/regulatory mandate (PDUFA 3/1/13), we are downgrading Zogenix given increased risk on its key growth driver."

Zogenix closed at $2.36 on Friday.

Latest Ratings for ZGNX

DateFirmActionFromTo
Jul 2015Brean CapitalMaintainsBuy
Apr 2015Piper JaffrayInitiates Coverage onOverweight
Apr 2015Empire Asset ManagementInitiates Coverage onBuy

View More Analyst Ratings for ZGNX
View the Latest Analyst Ratings

Posted-In: Stifel NicolausAnalyst Color Downgrades Intraday Update Analyst Ratings

 

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