Long TP at $2.50

$ZGNX Brean initiation report (partial) Future Looks Brighter for Zogenix, Initiate with BUY and $2.50 TP Investment Summary
We are initiating coverage of Z, Inc. with a BUY rating and a $2.50 TP. Zogenix has commercialized
a controversial product, Z ER, and we believe the market under-appreciates the medical value this
product brings to patients and pain-treating specialists. Despite the heated debate and intense negative
coverage from the media, we are impressed that the product is performing well during early launch days.