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Fly News Breaks for February 7, 2020
ZGNX, GWPH
Feb 7, 2020 | 05:32 EDT
Piper Sandler analyst Danielle Brill says the selloff in shares of Zogenix (ZGNX) following last night's Phase 3 data of Fintepla in Lennox-Gastaut syndrome is overdone. The study hit its primary efficacy endpoint of reduction in monthly drop seizures from baseline vs placebo, but the placebo-adjusted impact on drop seizures was marginally worse than GW Pharmaceuticals's (GWPH) Epidiolex and the proportion of patients with greater than 50% reduction in drop seizure frequency compared even less favorably to its competitor, Brill tells investors in a research note. That said, the trial was still positive and with the stock indicating being down ~35%, the selloff is overdone, contends the analyst. She keeps an Overweight rating on Zogenix with a $64 price target.
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