Zevra Therapeutics (NASDAQ:ZVRA) Shares Gap Down Following Weak Earnings

Zevra Therapeutics, Inc. (NASDAQ:ZVRA) gapped down prior to trading on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $11.76, but opened at $10.34. Zevra Therapeutics shares last traded at $9.15, with a volume of 1,319,414 shares.

The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of $1.43 by ($1.49). The business had revenue of $25.88 million for the quarter, compared to the consensus estimate of $22.49 million. Zevra Therapeutics had a net margin of 4.33% and a negative return on equity of 112.40%.

Analysts Set New Price Targets

ZVRA has been the subject of a number of research reports. JMP Securities decreased their price objective on Zevra Therapeutics from $19.00 to $18.00 and set a “market outperform” rating for the company in a report on Wednesday. Cantor Fitzgerald increased their price objective on Zevra Therapeutics from $25.00 to $29.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. HC Wainwright initiated coverage on Zevra Therapeutics in a report on Wednesday, July 2nd. They issued a “buy” rating and a $26.00 price objective for the company. Wall Street Zen downgraded Zevra Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 20th. Finally, Citigroup reiterated an “outperform” rating on shares of Zevra Therapeutics in a report on Wednesday. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $23.71.

Institutional Investors Weigh In On Zevra Therapeutics

Institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its stake in shares of Zevra Therapeutics by 51.2% in 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 last quarter. BNP Paribas Financial Markets purchased a new stake in shares of Zevra Therapeutics in the fourth quarter worth $53,000. Millennium Management LLC grew its stake in shares of Zevra Therapeutics by 138.2% in the fourth quarter. Millennium Management LLC now owns 233,132 shares of the company’s stock worth $1,944,000 after acquiring an additional 135,246 shares during the last quarter. Deutsche Bank AG grew its stake in shares of Zevra Therapeutics by 25.4% in the fourth quarter. Deutsche Bank AG now owns 50,906 shares of the company’s stock worth $425,000 after acquiring an additional 10,306 shares during the last quarter. Finally, ProShare Advisors LLC purchased a new stake in shares of Zevra Therapeutics in the fourth quarter worth $145,000. 35.03% of the stock is owned by hedge funds and other institutional investors.

Zevra Therapeutics Stock Performance

The stock has a market capitalization of $499.56 million, a PE ratio of -42.38 and a beta of 1.87. The business has a 50 day moving average price of $10.55 and a 200 day moving average price of $8.74. The company has a debt-to-equity ratio of 0.52, a current ratio of 7.85 and a quick ratio of 2.93.

About Zevra Therapeutics

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.