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Fly News Breaks for August 26, 2019
Aug 26, 2019 | 13:01 EDT
Piper Jaffray analyst Danielle Brill recommends buying shares of Zogenix on weakness following the company's acquisition of Modis Therapeutics. While pipeline diversification makes sense, investors are likely thrown off by the timing of the deal, given the proximity to Fintepla approval, Brill tells investors in a research note. Also, a potential near-term takeover of Zogenix now seems unlikely, adds the analyst. However, she still thinks Fintepla will be a commercial success. Brill expects Zogenix shares to recover after the new drug application filing is accepted and she keeps an Overweight rating on the name with a $64 price target. The stock in afternoon trading is down 13%, or $6.68, to $43.33.
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