Intrinsic value of Zogenix - ZGNX

Previous Close

$37.75

  Intrinsic Value

$0.91

stock screener

  Rating & Target

str. sell

-98%

Previous close

$37.75

 
Intrinsic value

$0.91

 
Up/down potential

-98%

 
Rating

str. sell

We calculate the intrinsic value of ZGNX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.41
  7.40
  7.16
  6.94
  6.75
  6.57
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
Revenue, $m
  29
  31
  33
  36
  38
  41
  43
  46
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  85
  89
  94
  99
  104
  110
  115
  121
  128
  134
  141
  148
  156
Variable operating expenses, $m
 
  87
  93
  100
  106
  113
  120
  128
  136
  144
  152
  161
  170
  180
  190
  200
  211
  223
  235
  247
  260
  274
  289
  304
  320
  336
  354
  372
  391
  411
  432
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  102
  87
  93
  100
  106
  113
  120
  128
  136
  144
  152
  161
  170
  180
  190
  200
  211
  223
  235
  247
  260
  274
  289
  304
  320
  336
  354
  372
  391
  411
  432
Operating income, $m
  -73
  -56
  -60
  -64
  -68
  -73
  -77
  -82
  -87
  -92
  -98
  -103
  -109
  -115
  -121
  -128
  -135
  -142
  -150
  -158
  -166
  -175
  -185
  -194
  -204
  -215
  -226
  -238
  -250
  -263
  -276
EBITDA, $m
  -72
  -51
  -55
  -59
  -63
  -67
  -71
  -76
  -80
  -85
  -90
  -96
  -101
  -107
  -113
  -119
  -126
  -132
  -140
  -147
  -155
  -163
  -172
  -181
  -190
  -200
  -210
  -221
  -232
  -244
  -257
Interest expense (income), $m
  1
  1
  1
  2
  2
  2
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  20
  21
Earnings before tax, $m
  -70
  -57
  -61
  -65
  -70
  -75
  -80
  -85
  -91
  -96
  -102
  -108
  -114
  -121
  -128
  -135
  -143
  -151
  -159
  -168
  -177
  -187
  -197
  -208
  -219
  -230
  -242
  -255
  -268
  -282
  -297
Tax expense, $m
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -70
  -57
  -61
  -65
  -70
  -75
  -80
  -85
  -91
  -96
  -102
  -108
  -114
  -121
  -128
  -135
  -143
  -151
  -159
  -168
  -177
  -187
  -197
  -208
  -219
  -230
  -242
  -255
  -268
  -282
  -297

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  92
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  232
  150
  161
  172
  184
  196
  209
  222
  236
  250
  265
  280
  296
  313
  330
  349
  368
  388
  409
  431
  454
  478
  503
  529
  557
  586
  616
  648
  681
  716
  753
Adjusted assets (=assets-cash), $m
  140
  150
  161
  172
  184
  196
  209
  222
  236
  250
  265
  280
  296
  313
  330
  349
  368
  388
  409
  431
  454
  478
  503
  529
  557
  586
  616
  648
  681
  716
  753
Revenue / Adjusted assets
  0.207
  0.207
  0.205
  0.209
  0.207
  0.209
  0.206
  0.207
  0.208
  0.208
  0.208
  0.207
  0.206
  0.208
  0.206
  0.206
  0.207
  0.206
  0.208
  0.206
  0.207
  0.207
  0.207
  0.208
  0.206
  0.206
  0.208
  0.207
  0.207
  0.207
  0.207
Average production assets, $m
  108
  116
  124
  133
  142
  151
  161
  171
  182
  192
  204
  216
  228
  241
  255
  269
  284
  299
  315
  332
  350
  368
  388
  408
  429
  452
  475
  499
  525
  552
  580
Working capital, $m
  100
  12
  13
  14
  14
  15
  16
  17
  18
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  36
  37
  39
  42
  44
  46
  48
  51
  53
  56
  59
Total debt, $m
  22
  27
  35
  44
  53
  62
  72
  82
  93
  104
  115
  127
  139
  152
  166
  180
  195
  210
  226
  243
  261
  279
  299
  319
  340
  363
  386
  410
  436
  463
  491
Total liabilities, $m
  111
  116
  124
  133
  142
  151
  161
  171
  182
  193
  204
  216
  228
  241
  255
  269
  284
  299
  315
  332
  350
  368
  388
  408
  429
  452
  475
  499
  525
  552
  580
Total equity, $m
  121
  34
  37
  39
  42
  45
  48
  51
  54
  57
  61
  64
  68
  72
  76
  80
  84
  89
  94
  99
  104
  109
  115
  121
  128
  134
  141
  148
  156
  164
  172
Total liabilities and equity, $m
  232
  150
  161
  172
  184
  196
  209
  222
  236
  250
  265
  280
  296
  313
  331
  349
  368
  388
  409
  431
  454
  477
  503
  529
  557
  586
  616
  647
  681
  716
  752
Debt-to-equity ratio
  0.182
  0.780
  0.960
  1.110
  1.260
  1.390
  1.510
  1.620
  1.720
  1.810
  1.900
  1.980
  2.050
  2.120
  2.190
  2.250
  2.310
  2.370
  2.420
  2.460
  2.510
  2.550
  2.590
  2.630
  2.670
  2.700
  2.740
  2.770
  2.800
  2.820
  2.850
Adjusted equity ratio
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -70
  -57
  -61
  -65
  -70
  -75
  -80
  -85
  -91
  -96
  -102
  -108
  -114
  -121
  -128
  -135
  -143
  -151
  -159
  -168
  -177
  -187
  -197
  -208
  -219
  -230
  -242
  -255
  -268
  -282
  -297
Depreciation, amort., depletion, $m
  1
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  18
  19
Funds from operations, $m
  -90
  -52
  -56
  -60
  -65
  -69
  -74
  -79
  -84
  -89
  -95
  -101
  -107
  -113
  -120
  -126
  -134
  -141
  -149
  -157
  -166
  -175
  -184
  -194
  -204
  -215
  -226
  -238
  -251
  -264
  -278
Change in working capital, $m
  -17
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
Cash from operations, $m
  -73
  -53
  -57
  -61
  -66
  -70
  -75
  -80
  -85
  -90
  -96
  -102
  -108
  -114
  -121
  -128
  -135
  -143
  -151
  -159
  -168
  -177
  -186
  -196
  -207
  -217
  -229
  -241
  -253
  -267
  -280
Maintenance CAPEX, $m
  0
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
New CAPEX, $m
  0
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
Cash from investing activities, $m
  10
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -17
  -17
  -17
  -19
  -19
  -21
  -22
  -22
  -24
  -24
  -26
  -28
  -29
  -31
  -31
  -33
  -35
  -36
  -38
  -40
  -43
  -45
  -46
Free cash flow, $m
  -63
  -65
  -69
  -74
  -79
  -84
  -90
  -95
  -101
  -107
  -114
  -121
  -128
  -135
  -143
  -151
  -159
  -168
  -177
  -186
  -196
  -207
  -218
  -229
  -241
  -254
  -267
  -281
  -296
  -311
  -327
Issuance/(repayment) of debt, $m
  -1
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  14
  14
  15
  15
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  26
  27
  28
Issuance/(repurchase) of shares, $m
  0
  59
  63
  68
  73
  78
  83
  88
  94
  100
  106
  111
  118
  125
  132
  140
  147
  156
  164
  173
  183
  193
  203
  214
  225
  237
  249
  262
  276
  290
  305
Cash from financing (excl. dividends), $m  
  -1
  67
  71
  77
  82
  87
  93
  98
  105
  111
  117
  123
  130
  138
  146
  154
  162
  171
  180
  190
  201
  212
  222
  234
  246
  259
  272
  286
  302
  317
  333
Total cash flow (excl. dividends), $m
  -64
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
Retained Cash Flow (-), $m
  62
  -59
  -63
  -68
  -73
  -78
  -83
  -88
  -94
  -100
  -106
  -111
  -118
  -125
  -132
  -140
  -147
  -156
  -164
  -173
  -183
  -193
  -203
  -214
  -225
  -237
  -249
  -262
  -276
  -290
  -305
Prev. year cash balance distribution, $m
 
  89
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  32
  -61
  -65
  -70
  -75
  -80
  -85
  -91
  -97
  -102
  -109
  -115
  -122
  -129
  -136
  -144
  -152
  -161
  -169
  -179
  -188
  -198
  -209
  -220
  -232
  -244
  -257
  -270
  -284
  -299
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  31
  -56
  -57
  -58
  -58
  -58
  -58
  -57
  -55
  -54
  -52
  -49
  -46
  -43
  -40
  -37
  -33
  -30
  -26
  -23
  -19
  -16
  -14
  -11
  -9
  -7
  -6
  -4
  -3
  -2
Current shareholders' claim on cash, %
  100
  84.2
  70.9
  59.7
  50.2
  42.3
  35.6
  30.0
  25.2
  21.2
  17.9
  15.0
  12.7
  10.7
  9.0
  7.6
  6.4
  5.3
  4.5
  3.8
  3.2
  2.7
  2.3
  1.9
  1.6
  1.3
  1.1
  0.9
  0.8
  0.7
  0.6

Zogenix, Inc. is a pharmaceutical company engaged in developing and commercializing central nervous system (CNS) therapies that address specific clinical needs for people living with orphan and other CNS disorders. Its primary area of therapeutic focus is epilepsy and related seizure disorders. Its lead product candidate, ZX008, is a low-dose fenfluramine for the treatment of seizures associated with Dravet syndrome. ZX008 has received orphan drug designation in the United States and European Union (EU), for the treatment of Dravet syndrome. The Company has an additional product candidate, Relday (risperidone once-monthly long-acting injectable) for the treatment of schizophrenia. Relday is a long-acting injectable formulation of risperidone. Risperidone is used to treat the symptoms of schizophrenia and bipolar disorder in adults and teenagers 13 years of age and older. It has completed the Phase I program for Relday.

FINANCIAL RATIOS  of  Zogenix (ZGNX)

Valuation Ratios
P/E Ratio -13.4
Price to Sales 32.3
Price to Book 7.7
Price to Tangible Book
Price to Cash Flow -12.8
Price to Free Cash Flow -12.8
Growth Rates
Sales Growth Rate 7.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio 31
Current Ratio 0.1
LT Debt to Equity 15.7%
Total Debt to Equity 18.2%
Interest Coverage -69
Management Effectiveness
Return On Assets -25.7%
Ret/ On Assets - 3 Yr. Avg. -0.5%
Return On Total Capital -40.2%
Ret/ On T. Cap. - 3 Yr. Avg. -2.5%
Return On Equity -46.1%
Return On Equity - 3 Yr. Avg. 0.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 24.1%
Gross Margin - 3 Yr. Avg. 24.6%
EBITDA Margin -234.5%
EBITDA Margin - 3 Yr. Avg. -57.6%
Operating Margin -251.7%
Oper. Margin - 3 Yr. Avg. -97.2%
Pre-Tax Margin -241.4%
Pre-Tax Margin - 3 Yr. Avg. -80.8%
Net Profit Margin -241.4%
Net Profit Margin - 3 Yr. Avg. -38%
Effective Tax Rate 1.4%
Eff/ Tax Rate - 3 Yr. Avg. 10.2%
Payout Ratio 0%

ZGNX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ZGNX stock intrinsic value calculation we used $29 million for the last fiscal year's total revenue generated by Zogenix. The default revenue input number comes from 2016 income statement of Zogenix. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ZGNX stock valuation model: a) initial revenue growth rate of 7.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ZGNX is calculated based on our internal credit rating of Zogenix, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Zogenix.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ZGNX stock the variable cost ratio is equal to 279.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ZGNX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.5% for Zogenix.

Corporate tax rate of 27% is the nominal tax rate for Zogenix. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ZGNX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ZGNX are equal to 372.4%.

Life of production assets of 114 years is the average useful life of capital assets used in Zogenix operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ZGNX is equal to 37.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $121 million for Zogenix - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 31.447 million for Zogenix is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Zogenix at the current share price and the inputted number of shares is $1.2 billion.

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INSY Insys Therapeu 6.20 5.71  sell
DRRX Durect 1.01 0.00  str.sell
REPH Recro Pharma 9.77 0.87  str.sell
JNJ Johnson&Johnso 142.46 147.16  hold

COMPANY NEWS

▶ Zogenix to Present at Stifel 2017 Healthcare Conference   [Nov-14-17 08:00AM  GlobeNewswire]
▶ Zogenix reports 3Q loss   [Nov-07-17 05:02PM  Associated Press]
▶ Zogenix, Inc. to Host Earnings Call   [12:00PM  ACCESSWIRE]
▶ What's Behind GW Pharmaceuticals' 6.4% Gain in October?   [Nov-06-17 10:49AM  Motley Fool]
▶ ETFs with exposure to Zogenix, Inc. : October 27, 2017   [Oct-27-17 11:24AM  Capital Cube]
▶ ETFs with exposure to Zogenix, Inc. : October 16, 2017   [Oct-16-17 10:01AM  Capital Cube]
▶ Zogenix Prices Public Offering of Common Stock   [Oct-02-17 08:06PM  GlobeNewswire]
▶ Company News For Oct 2, 2017   [10:15AM  Zacks]
▶ Why this East Bay company's stock ballooned more than 170% in 1 day   [Oct-01-17 10:46PM  American City Business Journals]
▶ 3 Biotech Stocks That Soared This Week: Are They Buys?   [Sep-30-17 10:34AM  Motley Fool]
▶ Big Dose Of Healthy News Sends Biotech Stocks To New Heights   [02:40PM  Investor's Business Daily]
▶ Why Zogenix Shares More Than Doubled   [08:40AM  24/7 Wall St.]
▶ Why Zogenix Inc (ZGNX) Could Be A Buy   [Sep-28-17 04:20PM  Simply Wall St.]
▶ Harry Boxers five stocks to watch today   [Sep-20-17 11:26AM  MarketWatch]
▶ Zogenix, Inc. (ZGNX) Jumps: Stock Rises 5.2%   [Sep-11-17 08:37AM  Zacks]
▶ 3 Biotech Stocks That Could Soar in September   [Aug-27-17 07:27AM  Motley Fool]
▶ Zogenix reports 2Q loss   [Aug-09-17 03:26PM  Associated Press]
▶ 3 Biotech Stocks With Big News Coming   [08:15AM  Motley Fool]
▶ 3 Hot Healthcare Stocks Under $30   [Jul-31-17 10:07AM  Motley Fool]
▶ ETFs with exposure to Zogenix, Inc. : June 8, 2017   [Jun-08-17 02:02PM  Capital Cube]
▶ ETFs with exposure to Zogenix, Inc. : May 11, 2017   [May-11-17 05:50PM  Capital Cube]
▶ Zogenix reports 1Q loss   [May-04-17 06:25PM  Associated Press]
▶ ETFs with exposure to Zogenix, Inc. : April 17, 2017   [Apr-17-17 01:13PM  Capital Cube]
▶ ETFs with exposure to Zogenix, Inc. : April 5, 2017   [Apr-05-17 05:48PM  Capital Cube]
▶ Zogenix reports 4Q loss   [Mar-09-17 05:26PM  Associated Press]
Financial statements of ZGNX
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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