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Why Zogenix (ZGNX) Is Down Today

Stocks in this article: ZGNX

NEW YORK (TheStreet) --Zogenix (ZGNX) continues to drop today after Sen. Joe Manchin (D-W.Va.) submitted a bill to have the company's hydrocodone painkiller Zohydro removed from the market. Zogenix has been in the senator's sights for months and the submission of the bill had been expected for some time.

Zogenix's week has been up and down as news surrounding the controversial drug continues to break. The company faced a big drop Wednesday after it was announced that rival Purdue Pharma had completed testing on its own abuse-deterrent hydrocodone pain killer. Purdue's drug seemed to pave the way for the drug to be replaced on the market.

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On Thursday, FDA Commissioner Margaret Hamburg voiced support for Zohydro during a congressional hearing at which she received sharp criticism for the agency approving the drug in the first place. Hamburg said of Zohydro. "We recognize that this is a powerful drug, but we also believe that if appropriately used, it serves an important and unique niche with respect to pain medication and it meets the standards for safety and efficacy."

The stock made a sharp comback after the hearing, finishing the day up 4.6% on Thursday. However, after news of Manchin's bill broke, the stock dropped in the aftermarket trading and continues to decline today.

Zogenix was down 5.72% to $3.46 at 11:08 a.m. EST.

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