Zevra Therapeutics (NASDAQ:ZVRA) Shares Gap Down Following Analyst Downgrade

Shares of Zevra Therapeutics, Inc. (NASDAQ:ZVRA) gapped down prior to trading on Friday after BTIG Research lowered their price target on the stock from $24.00 to $21.00. The stock had previously closed at $11.16, but opened at $10.64. BTIG Research currently has a buy rating on the stock. Zevra Therapeutics shares last traded at $9.4880, with a volume of 505,232 shares changing hands.

ZVRA has been the topic of a number of other research reports. William Blair upgraded shares of Zevra Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 23rd. HC Wainwright reissued a “buy” rating and issued a $26.00 target price on shares of Zevra Therapeutics in a research note on Thursday, August 20th. Cantor Fitzgerald lowered their target price on shares of Zevra Therapeutics from $25.00 to $19.00 and set an “overweight” rating for the company in a report on Friday. Canaccord Genuity Group dropped their price target on shares of Zevra Therapeutics from $29.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, July 27th. Finally, Citigroup reiterated an “outperform” rating on shares of Zevra Therapeutics in a report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $24.57.

Insider Buying and Selling

In other Zevra Therapeutics news, CEO Neil McFarlane sold 20,000 shares of the stock in a transaction on Monday, October 12th. The stock was sold at an average price of $11.25, for a total value of $225,000.00. Following the sale, the chief executive officer owned 417,225 shares in the company, valued at $4,693,781.25. This trade represents a 4.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.70% of the stock is owned by company insiders.

Zevra Therapeutics News Summary

Here’s some of the latest news about ZVRA:

• Positive Sentiment: BTIG Research maintained a Buy rating, with a reduced price target of $21 from $24. BTIG Research ratings
• Positive Sentiment: Cantor Fitzgerald kept its Overweight rating while cutting its target to $19 from $25. Both firms’ revised targets remain well above the cited $9.08 share price, though the reductions temper their outlook. Cantor Fitzgerald ratings
• Negative Sentiment: The European Medicines Agency’s CHMP issued a negative opinion on Zevra’s marketing application for arimoclomol to treat Niemann-Pick disease type C. The European Commission will make the final decision, but the opinion raises the risk that the drug will not receive EU authorization, potentially limiting its commercial opportunity in Europe. Zevra’s CHMP opinion announcement

Institutional Trading of Zevra Therapeutics

A number of large investors have recently made changes to their positions in ZVRA. EP Wealth Advisors LLC bought a new position in shares of Zevra Therapeutics in the third quarter worth about $117,000. Empowered Funds LLC bought a new stake in Zevra Therapeutics during the 3rd quarter valued at about $820,000. Nantahala Capital Management LLC boosted its position in Zevra Therapeutics by 9.2% in the 3rd quarter. Nantahala Capital Management LLC now owns 1,963,096 shares of the company’s stock valued at $21,535,000 after buying an additional 165,620 shares during the period. First Trust Advisors LP boosted its position in Zevra Therapeutics by 16.9% in the 3rd quarter. First Trust Advisors LP now owns 12,266 shares of the company’s stock valued at $135,000 after buying an additional 1,771 shares during the period. Finally, Royce & Associates LP boosted its position in Zevra Therapeutics by 3.0% in the 3rd quarter. Royce & Associates LP now owns 909,137 shares of the company’s stock valued at $9,973,000 after buying an additional 26,479 shares during the period. 35.03% of the stock is owned by hedge funds and other institutional investors.

Zevra Therapeutics Stock Performance

The firm has a market capitalization of $540.35 million, a P/E ratio of 7.63 and a beta of 1.01. The stock’s 50 day simple moving average is $10.99 and its 200 day simple moving average is $10.83.

Zevra Therapeutics (NASDAQ:ZVRA) last issued its earnings results on Tuesday, November 3rd. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.10. Zevra Therapeutics had a net margin of 52.80% and a return on equity of 54.64%. The business had revenue of $37.76 million for the quarter, compared to analyst estimates of $37.08 million. On average, analysts anticipate that Zevra Therapeutics, Inc. will post 0.88 earnings per share for the current year.

About Zevra Therapeutics

Zevra Therapeutics, Inc. is a U.S.-based biopharmaceutical company focused on developing and commercializing treatments for rare diseases. Its work includes research and development as well as bringing therapies to patients with limited treatment options. The company’s products include MIPLYFFA (arimoclomol), approved in the United States for neurological manifestations of Niemann-Pick disease type C, and OLPRUVA (sodium phenylbutyrate), a treatment for certain urea cycle disorders. Zevra also advances investigational therapies for rare and complex conditions.