Zevra Therapeutics (NASDAQ:ZVRA) Shares Gap Up - Here's Why

Key Points

• Zevra Therapeutics shares gapped up from $8.95 to $9.37 prior to trading, closing at $9.59 with a trading volume of 1,304,138 shares.
• Analyst ratings for Zevra include six "Buy" and one "Hold," with a consensus target price of $24.00, reflecting optimistic views despite some mixed reports from firms.
• Recent insider activity includes Director John B. Bode purchasing 5,000 shares at $9.16, increasing his stake in the company by 12.5%.

Zevra Therapeutics, Inc. (NASDAQ:ZVRA - Get Free Report) shares gapped up prior to trading on Thursday . The stock had previously closed at $8.95, but opened at $9.37. Zevra Therapeutics shares last traded at $9.59, with a volume of 1,304,138 shares.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ZVRA. Citigroup reiterated an "outperform" rating on shares of Zevra Therapeutics in a report on Wednesday, August 13th. JMP Securities reduced their target price on shares of Zevra Therapeutics from $19.00 to $18.00 and set a "market outperform" rating for the company in a report on Wednesday, August 13th. HC Wainwright assumed coverage on Zevra Therapeutics in a research note on Wednesday, July 2nd. They set a "buy" rating and a $26.00 target price on the stock. Zacks Research downgraded Zevra Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 18th. Finally, Cantor Fitzgerald lifted their target price on Zevra Therapeutics from $25.00 to $29.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Six analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.00.

Zevra Therapeutics Trading Up 7.7%

The stock has a fifty day moving average of $9.75 and a 200-day moving average of $8.91. The company has a debt-to-equity ratio of 0.52, a quick ratio of 7.81 and a current ratio of 7.85. The company has a market cap of $541.14 million, a PE ratio of -45.74 and a beta of 1.56.

Insider Buying and Selling at Zevra Therapeutics

In related news, Director John B. Bode acquired 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The stock was purchased at an average cost of $9.16 per share, for a total transaction of $45,800.00. Following the purchase, the director directly owned 45,000 shares of the company's stock, valued at $412,200. This trade represents a 12.50% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. 2.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Rubric Capital Management LP increased its holdings in shares of Zevra Therapeutics by 60.8% in the second quarter. Rubric Capital Management LP now owns 1,958,318 shares of the company's stock valued at $17,253,000 after purchasing an additional 740,584 shares during the last quarter. AIGH Capital Management LLC grew its stake in shares of Zevra Therapeutics by 82.4% in the first quarter. AIGH Capital Management LLC now owns 1,438,109 shares of the company's stock valued at $10,771,000 after buying an additional 649,495 shares in the last quarter. Readystate Asset Management LP boosted its holdings in Zevra Therapeutics by 924.6% in the first quarter. Readystate Asset Management LP now owns 683,032 shares of the company's stock valued at $5,116,000 after purchasing an additional 616,370 shares during the period. Adage Capital Partners GP L.L.C. boosted its holdings in Zevra Therapeutics by 15.2% in the second quarter. Adage Capital Partners GP L.L.C. now owns 4,168,000 shares of the company's stock valued at $36,720,000 after purchasing an additional 550,000 shares during the period. Finally, Woodline Partners LP lifted its holdings in Zevra Therapeutics by 11.5% during the 1st quarter. Woodline Partners LP now owns 4,615,625 shares of the company's stock worth $34,571,000 after buying an additional 476,032 shares during the last quarter. 35.03% of the stock is owned by institutional investors and hedge funds.

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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