Zevra Therapeutics, Inc. $ZVRA Holdings Cut by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. reduced its holdings in Zevra Therapeutics by 0.9% in Q1, resulting in ownership of approximately 3.62 million shares.
• Wall Street analysts have recently downgraded Zevra Therapeutics from a "strong-buy" to a "buy" rating, with an average price target currently set at $23.71.
• Insider transactions indicate growing confidence, as Director John B. Bode purchased 5,000 shares on August 19th at an average price of $9.16 per share.

Adage Capital Partners GP L.L.C. trimmed its holdings in shares of Zevra Therapeutics, Inc. (NASDAQ:ZVRA - Free Report) by 0.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,618,000 shares of the company's stock after selling 32,000 shares during the period. Adage Capital Partners GP L.L.C. owned 6.62% of Zevra Therapeutics worth $27,099,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD raised its stake in Zevra Therapeutics by 51.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 20,565 shares of the company's stock worth $172,000 after acquiring an additional 6,966 shares during the period. BNP Paribas Financial Markets acquired a new stake in shares of Zevra Therapeutics during the 4th quarter worth approximately $53,000. Millennium Management LLC lifted its holdings in shares of Zevra Therapeutics by 138.2% in the 4th quarter. Millennium Management LLC now owns 233,132 shares of the company's stock worth $1,944,000 after purchasing an additional 135,246 shares during the last quarter. Deutsche Bank AG boosted its position in Zevra Therapeutics by 25.4% during the 4th quarter. Deutsche Bank AG now owns 50,906 shares of the company's stock valued at $425,000 after purchasing an additional 10,306 shares during the period. Finally, ProShare Advisors LLC bought a new position in Zevra Therapeutics during the 4th quarter worth $145,000. 35.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ZVRA has been the subject of several analyst reports. Citigroup reissued an "outperform" rating on shares of Zevra Therapeutics in a report on Wednesday, August 13th. HC Wainwright began coverage on shares of Zevra Therapeutics in a research note on Wednesday, July 2nd. They issued a "buy" rating and a $26.00 price target on the stock. Wall Street Zen downgraded Zevra Therapeutics from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 20th. Cantor Fitzgerald raised their target price on Zevra Therapeutics from $25.00 to $29.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Finally, JMP Securities reduced their price target on Zevra Therapeutics from $19.00 to $18.00 and set a "market outperform" rating for the company in a research report on Wednesday, August 13th. Eight investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $23.71.

Insider Buying and Selling

In other Zevra Therapeutics news, Director John B. Bode purchased 5,000 shares of the business's stock in a transaction on Tuesday, August 19th. The stock was bought at an average cost of $9.16 per share, with a total value of $45,800.00. Following the acquisition, the director owned 45,000 shares of the company's stock, valued at $412,200. The trade was a 12.50% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 2.40% of the company's stock.

Zevra Therapeutics Price Performance

Shares of ZVRA traded down $0.12 during midday trading on Tuesday, reaching $8.21. The stock had a trading volume of 1,419,586 shares, compared to its average volume of 770,832. The company has a debt-to-equity ratio of 0.52, a current ratio of 7.85 and a quick ratio of 7.81. The company has a market capitalization of $460.83 million, a P/E ratio of -39.10 and a beta of 1.56. The firm's 50 day moving average price is $10.56 and its 200-day moving average price is $8.91. Zevra Therapeutics, Inc. has a 52 week low of $6.19 and a 52 week high of $13.16.

Zevra Therapeutics Company 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.