Guggenheim Downgrades Zogenix, Inc. (ZGNX) to Neutral

Guggenheim analyst Yatin Suneja downgraded Zogenix, Inc. (NASDAQ: ZGNX) from Buy to Neutral with a price target of $40.00 (from $70.00).

The analyst commented, "On Monday, after the close, ZGNX announced (ZGNX was notified on Friday) the receipt of a refusal to file (RTF) letter from the FDA for Fintepla's NDA submission. The RTF was based on the need for (1) additional preclinical data and (2) an incorrect dataset included in the submission. To address these issues and identify next steps, management is scheduling a Type A meeting, and we estimate a 6-20 month delay to market for Fintepla. Given a lack of clarity on timelines and potential fixes, we advise investors to stay on the sidelines."

For an analyst ratings summary and ratings history on Zogenix, Inc. click here. For more ratings news on Zogenix, Inc. click here.

Shares of Zogenix, Inc. closed at $51.85 yesterday.

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