Zevra Therapeutics (NASDAQ:ZVRA) Shares Gap Down - What's Next?

Key Points

• Zevra Therapeutics shares gapped down opening at $9.04 after a previous close of $9.54, with current trading around $9.22.
• Analyst ratings for ZVRA are mixed, with HC Wainwright initiating a "buy" rating and price target of $26, while Zacks downgraded the stock from "strong-buy" to "hold."
• Insider buying activity includes Director John B. Bode acquiring 5,000 shares at $9.16, increasing his ownership by 12.50% amidst a backdrop of institutional investment influx in the stock.

Zevra Therapeutics, Inc. (NASDAQ:ZVRA - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $9.54, but opened at $9.04. Zevra Therapeutics shares last traded at $9.22, with a volume of 541,807 shares trading hands.

Analyst Upgrades and Downgrades

ZVRA has been the topic of several research analyst reports. HC Wainwright initiated coverage on shares of Zevra Therapeutics in a research report on Wednesday, July 2nd. They set a "buy" rating and a $26.00 price target on the stock. Zacks Research cut shares of Zevra Therapeutics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 18th. Cantor Fitzgerald boosted their price target on shares of Zevra Therapeutics from $25.00 to $29.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Wall Street Zen upgraded shares of Zevra Therapeutics from a "hold" rating to a "buy" rating in a research report on Friday. Finally, JMP Securities reduced their price target on shares of Zevra Therapeutics from $19.00 to $18.00 and set a "market outperform" rating on the stock in a research report on Wednesday, August 13th. Six investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Zevra Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $24.00.

Zevra Therapeutics Price Performance

The firm's 50 day moving average is $9.60 and its 200 day moving average is $8.95. The firm has a market cap of $518.08 million, a P/E ratio of -43.84 and a beta of 1.56. The company has a debt-to-equity ratio of 0.52, a current ratio of 7.85 and a quick ratio of 7.81.

Insiders Place Their Bets

In related news, Director John B. Bode acquired 5,000 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were bought at an average price of $9.16 per share, for a total transaction of $45,800.00. Following the completion of the transaction, the director directly owned 45,000 shares in the company, valued at approximately $412,200. This trade represents a 12.50% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ZVRA. Woodline Partners LP increased its holdings in Zevra Therapeutics by 11.5% during the first quarter. Woodline Partners LP now owns 4,615,625 shares of the company's stock valued at $34,571,000 after buying an additional 476,032 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in Zevra Therapeutics during the fourth quarter valued at approximately $53,000. Millennium Management LLC increased its holdings in Zevra Therapeutics by 138.2% during the fourth quarter. Millennium Management LLC now owns 233,132 shares of the company's stock valued at $1,944,000 after buying an additional 135,246 shares during the last quarter. ProShare Advisors LLC purchased a new stake in Zevra Therapeutics during the fourth quarter valued at approximately $145,000. Finally, Bank of America Corp DE increased its holdings in Zevra Therapeutics by 222.4% during the fourth quarter. Bank of America Corp DE now owns 98,245 shares of the company's stock valued at $819,000 after buying an additional 67,772 shares during the last quarter. Institutional investors own 35.03% of the company's stock.

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.

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