Zogenix (Nasdaq: ZGNX) shares slip on weak revenue outlook
Posted on March 09, 2012 at 11:36 AM EST
Palm Beach, FL 3/9/12 ( StreetBeat ) -- Zogenix Inc's ( Nasdaq: ZGNX ) stock fell 20 percent, making it the top percentage loser on the Nasdaq on Friday, after the specialty pharmaceutical company forecast full-year revenue below analysts' estimates. Zogenix's outlook reflected the recent termination of the Astellas Pharma (4503.T) co-promotion agreement, which accounted for 30 percent of Sumavel DosePro sales in 2011, Leerink Swann analyst Joseph Schwartz wrote in a note to clients. The company had said it would assume commercialization of its treatment for acute migraine and cluster headache -- Sumavel DosePro -- from the second quarter of 2012, after it ended its partnership with Astellas. For 2012, Zogenix expects revenue of $45.5 million to $48.5 million, compared with analysts' average estimates of $64.9 million, according to Thomson Reuters I/B/E/S. Shares of the San Diego, California-based company, which develops drugs for pain and treatment of nervous system disorders, were trading down 15 percent at $2.10 in heavy-volume trade StreetBeat Disclaimer Distributed by Viestly
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here