Bank of America Corp DE Decreases Stock Position in Zevra Therapeutics, Inc. $ZVRA

Key Points

• Bank of America cut its Zevra Therapeutics stake by 55.7% in the first quarter, selling 81,527 shares and retaining 64,837 shares worth approximately $604,000.
• Institutional ownership remained active, with several funds increasing positions and AIGH Capital Management initiating an approximately $11.2 million stake; hedge funds and institutions collectively own 35.03% of ZVRA.
• Analyst sentiment is broadly positive, with nine Buy ratings and one Hold, producing a “Moderate Buy” consensus and a $27.14 price target. Zevra also exceeded quarterly expectations, reporting $0.25 EPS and $39.66 million in revenue.

Bank of America Corp DE lowered its stake in shares of Zevra Therapeutics, Inc. (NASDAQ:ZVRA - Free Report) by 55.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 64,837 shares of the company's stock after selling 81,527 shares during the quarter. Bank of America Corp DE owned about 0.11% of Zevra Therapeutics worth $604,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quantinno Capital Management LP raised its holdings in shares of Zevra Therapeutics by 114.1% in the first quarter. Quantinno Capital Management LP now owns 32,022 shares of the company's stock worth $298,000 after buying an additional 17,065 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Zevra Therapeutics by 259.2% during the first quarter. Dimensional Fund Advisors LP now owns 554,802 shares of the company's stock worth $5,168,000 after purchasing an additional 400,336 shares during the period. AIGH Capital Management LLC purchased a new stake in Zevra Therapeutics in the first quarter valued at approximately $11,184,000. Simplify Asset Management Inc. boosted its position in Zevra Therapeutics by 137.5% in the first quarter. Simplify Asset Management Inc. now owns 100,630 shares of the company's stock valued at $938,000 after buying an additional 58,265 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its holdings in Zevra Therapeutics by 16.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 236,834 shares of the company's stock worth $2,207,000 after buying an additional 33,951 shares during the period. 35.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Corey Watton sold 12,300 shares of the firm's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $11.25, for a total value of $138,375.00. Following the transaction, the director directly owned 1,800 shares of the company's stock, valued at approximately $20,250. This trade represents a 87.23% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.70% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

ZVRA has been the subject of several recent research reports. Wall Street Zen raised shares of Zevra Therapeutics from a "hold" rating to a "buy" rating in a report on Sunday, July 12th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Zevra Therapeutics in a report on Wednesday, August 19th. UBS Group reissued a "buy" rating on shares of Zevra Therapeutics in a report on Thursday, August 20th. Citigroup restated an "outperform" rating on shares of Zevra Therapeutics in a research note on Thursday, August 6th. Finally, Cantor Fitzgerald raised their target price on Zevra Therapeutics from $24.00 to $34.00 and gave the stock an "overweight" rating in a report on Monday, June 8th. Nine analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $27.14.

Zevra Therapeutics Price Performance

NASDAQ:ZVRA opened at $12.40 on Tuesday. Zevra Therapeutics, Inc. has a 52 week low of $7.16 and a 52 week high of $15.03. The stock's 50-day moving average price is $12.02 and its 200-day moving average price is $11.03. The stock has a market capitalization of $736.31 million, a PE ratio of 13.48 and a beta of 0.95.

Zevra Therapeutics (NASDAQ:ZVRA - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.25 EPS for the quarter, beating the consensus estimate of $0.11 by $0.14. Zevra Therapeutics had a return on equity of 54.54% and a net margin of 42.82%.The company had revenue of $39.66 million for the quarter, compared to analyst estimates of $33.88 million. Sell-side analysts expect that Zevra Therapeutics, Inc. will post 0.72 earnings per share for the current fiscal year.

Zevra Therapeutics Profile

Zevra Therapeutics, Inc discovers and develops various proprietary prodrugs to treat serious medical conditions in the United States. The company develops its products through Ligand Activated Therapy platform. Its lead product candidate is KP1077, consisting of KP1077IH, which is under Phase 2 clinical trial for the treatment of idiopathic hypersomnia, and KP1077N, which is under Phase ½ clinical trial to treat narcolepsy. The company is also developing Celiprolol, a prodrug product candidate that is under Phase 1/2 clinical trial for the treatment of vascular Ehlers Danlos syndrome.

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