Zevra Therapeutics (NASDAQ:ZVRA) Shares Down 4.8% – Here’s What Happened

Zevra Therapeutics, Inc. (NASDAQ:ZVRA) dropped 4.8% on Thursday . The company traded as low as $13.99 and last traded at $14.0380. Approximately 662,631 shares were traded during trading, a decline of 50% from the average session volume of 1,336,110 shares. The stock had previously closed at $14.75.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ZVRA. Citizens Jmp boosted their price target on Zevra Therapeutics from $18.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Tuesday, June 9th. Canaccord Genuity Group raised their price objective on Zevra Therapeutics from $24.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. BTIG Research reiterated a “buy” rating and set a $27.00 price objective (up from $23.00) on shares of Zevra Therapeutics in a research note on Tuesday, June 9th. Guggenheim boosted their target price on Zevra Therapeutics from $25.00 to $29.00 and gave the stock a “buy” rating in a report on Wednesday, June 10th. Finally, UBS Group reissued a “buy” rating on shares of Zevra Therapeutics in a research note on Wednesday, June 24th. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Zevra Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $29.29.

Zevra Therapeutics Price Performance

The firm’s 50 day moving average price is $12.10 and its 200-day moving average price is $10.21. The stock has a market cap of $789.25 million, a P/E ratio of 6.71 and a beta of 0.85.

Zevra Therapeutics (NASDAQ:ZVRA) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.12. Zevra Therapeutics had a net margin of 101.58% and a return on equity of 51.49%. The company had revenue of $36.22 million during the quarter, compared to the consensus estimate of $31.96 million. On average, analysts expect that Zevra Therapeutics, Inc. will post 0.56 earnings per share for the current year.

Hedge Funds Weigh In On Zevra Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. AIGH Capital Management LLC purchased a new position in shares of Zevra Therapeutics in the first quarter worth approximately $11,184,000. Marshall Wace LLP purchased a new stake in Zevra Therapeutics during the third quarter valued at approximately $8,676,000. Rubric Capital Management LP raised its position in Zevra Therapeutics by 60.8% in the second quarter. Rubric Capital Management LP now owns 1,958,318 shares of the company’s stock worth $17,253,000 after acquiring an additional 740,584 shares during the period. Adage Capital Partners GP L.L.C. raised its position 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 worth $36,720,000 after acquiring an additional 550,000 shares during the period. Finally, Nantahala Capital Management LLC boosted its stake in shares of Zevra Therapeutics by 34.0% during the 3rd quarter. Nantahala Capital Management LLC now owns 1,971,936 shares of the company’s stock worth $18,753,000 after acquiring an additional 500,000 shares during the last quarter. 35.03% of the stock is owned by institutional investors.

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. 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.