Shares of Zafgen Inc. (NASDAQ:ZFGN) dropped 2.7% during mid-day trading on Wednesday . The stock traded as low as $3.22 and last traded at $3.25, with a volume of 1,320,489 shares trading hands. The stock had previously closed at $3.34.

ZFGN has been the topic of several research reports. FBR & Co restated a “buy” rating on shares of Zafgen in a research note on Monday, June 13th. Cowen and Company cut Zafgen from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 20th. Leerink Swann reiterated a “market perform” rating and set a $6.00 price target on shares of Zafgen in a research report on Wednesday, July 20th. Canaccord Genuity set a $4.00 price target on Zafgen and gave the stock a “hold” rating in a research report on Thursday, July 21st. Finally, Zacks Investment Research upgraded Zafgen from a “hold” rating to a “buy” rating and set a $3.50 price target on the stock in a research report on Tuesday, July 26th. Six research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $14.22.

The stock has a 50-day moving average price of $3.13 and a 200 day moving average price of $5.42. The firm’s market capitalization is $89.09 million.

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In other news, CFO Patricia L. Allen bought 16,000 shares of the business’s stock in a transaction dated Tuesday, July 26th. The stock was bought at an average price of $3.12 per share, for a total transaction of $49,920.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Thomas E. Hughes bought 10,000 shares of the business’s stock in a transaction dated Monday, August 29th. The stock was purchased at an average price of $3.00 per share, with a total value of $30,000.00. Following the purchase, the insider now directly owns 63,936 shares of the company’s stock, valued at approximately $191,808. The disclosure for this purchase can be found here. 20.30% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Deerfield Management Co. boosted its position in Zafgen by 262.2% in the first quarter. Deerfield Management Co. now owns 3,055,603 shares of the biopharmaceutical company’s stock worth $20,411,000 after buying an additional 2,211,938 shares during the period. BlackRock Fund Advisors boosted its position in Zafgen by 18.3% in the second quarter. BlackRock Fund Advisors now owns 929,566 shares of the biopharmaceutical company’s stock valued at $5,568,000 after buying an additional 143,670 shares during the period. Vanguard Group Inc. boosted its position in Zafgen by 18.2% in the second quarter. Vanguard Group Inc. now owns 805,362 shares of the biopharmaceutical company’s stock valued at $4,824,000 after buying an additional 123,850 shares during the period. BlackRock Institutional Trust Company N.A. boosted its position in Zafgen by 23.6% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 503,109 shares of the biopharmaceutical company’s stock valued at $3,014,000 after buying an additional 95,945 shares during the period. Finally, Granahan Investment Management Inc. MA boosted its position in Zafgen by 25.7% in the first quarter. Granahan Investment Management Inc. MA now owns 363,029 shares of the biopharmaceutical company’s stock valued at $2,425,000 after buying an additional 74,150 shares during the period. Institutional investors own 62.83% of the company’s stock.

About Zafgen

Zafgen, Inc is a biopharmaceutical company. The Company is focused on improving the health and well-being of patients affected by obesity and complex metabolic disorders. The Company’s lead product candidate, Beloranib, is a twice-weekly subcutaneous injection being developed for the treatment of multiple indications, including severe obesity in rare diseases, such as Prader-Willi syndrome (PWS) and hypothalamic injury-associated obesity (HIAO), including craniopharyngioma-associated obesity.

5 Day Chart for NASDAQ:ZFGN

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