Zosano Pharma (ZSAN) Stock Price Down 5.2% Following Weak Earnings

Zosano Pharma Corp (NASDAQ:ZSAN) was down 5.2% during mid-day trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $2.88 and last traded at $3.12. Approximately 657,614 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 1,685,043 shares. The stock had previously closed at $3.29.

The biotechnology company reported ($0.79) EPS for the quarter, missing the consensus estimate of ($0.78) by ($0.01).

ZSAN has been the subject of a number of research analyst reports. ValuEngine upgraded Zosano Pharma from a “hold” rating to a “buy” rating in a research report on Friday, February 22nd. Cantor Fitzgerald initiated coverage on Zosano Pharma in a research report on Monday, April 22nd. They set an “overweight” rating and a $3.66 price target for the company. Finally, Maxim Group initiated coverage on Zosano Pharma in a research report on Wednesday, April 17th. They set a “buy” rating and a $8.00 price target for the company.

In other news, CEO John Peter Walker bought 100,000 shares of the company’s stock in a transaction that occurred on Thursday, April 11th. The stock was bought at an average price of $3.50 per share, for a total transaction of $350,000.00. Following the transaction, the chief executive officer now directly owns 280,228 shares of the company’s stock, valued at approximately $980,798. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.71% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Aisling Capital Management LP bought a new stake in Zosano Pharma in the 4th quarter worth approximately $3,392,000. BlackRock Inc. lifted its position in Zosano Pharma by 1,031.7% in the 1st quarter. BlackRock Inc. now owns 311,771 shares of the biotechnology company’s stock worth $1,487,000 after buying an additional 284,222 shares during the last quarter. Telemetry Investments L.L.C. lifted its position in Zosano Pharma by 37.8% in the 4th quarter. Telemetry Investments L.L.C. now owns 219,040 shares of the biotechnology company’s stock worth $464,000 after buying an additional 60,069 shares during the last quarter. MYDA Advisors LLC bought a new stake in Zosano Pharma in the 1st quarter worth approximately $343,000. Finally, Dimensional Fund Advisors LP bought a new stake in Zosano Pharma in the 3rd quarter worth approximately $121,000. Institutional investors own 29.57% of the company’s stock.

The stock has a market capitalization of $55.30 million, a price-to-earnings ratio of -0.83 and a beta of 2.62.

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Zosano Pharma Company Profile (NASDAQ:ZSAN)

Zosano Pharma Corporation, a clinical stage biopharmaceutical company, focuses on providing therapeutics to patients suffering from migraine using its Adhesive Dermally-Applied Microarray technology. Its lead product candidate is M207, a proprietary formulation of zolmitriptan used for the treatment of migraine.

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