UPDATE: Oppenheimer Downgrades Zogenix to Perform Following Negative Panel

Loading...
Loading...
Oppenheimer reduced its rating on Zogenix
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.
Posted In: Analyst ColorDowngradesIntraday UpdateAnalyst RatingsOppenheimer
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...