Zymeworks (NYSE:ZYME) Trading Down 6.1% – Here’s What Happened

Zymeworks Inc. (NYSE:ZYME)’s share price fell 6.1% on Monday . The company traded as low as $25.25 and last traded at $24.9850. 338,686 shares were traded during trading, a decline of 16% from the average session volume of 401,065 shares. The stock had previously closed at $26.62.

Analyst Ratings Changes

ZYME has been the topic of several research reports. JMP Securities set a $32.00 price objective on Zymeworks in a research report on Wednesday, December 3rd. Citizens Jmp began coverage on Zymeworks in a report on Wednesday, December 3rd. They set a “market outperform” rating and a $32.00 target price on the stock. Citigroup started coverage on Zymeworks in a research report on Wednesday, December 3rd. They set an “outperform” rating on the stock. JPMorgan Chase & Co. increased their price objective on shares of Zymeworks from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. Finally, B. Riley reiterated a “buy” rating and set a $40.00 price objective (up previously from $30.00) on shares of Zymeworks in a research note on Friday, November 21st. Eleven research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $32.82.

Zymeworks Trading Down 4.3%

The business has a 50 day simple moving average of $23.73 and a two-hundred day simple moving average of $17.94. The stock has a market cap of $1.91 billion, a price-to-earnings ratio of -16.98 and a beta of 1.27.

Zymeworks (NYSE:ZYME) last announced its earnings results on Thursday, November 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.02. The company had revenue of $27.61 million for the quarter, compared to analyst estimates of $33.69 million. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%.Zymeworks’s quarterly revenue was up 72.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.39) EPS. Research analysts anticipate that Zymeworks Inc. will post -1.39 EPS for the current fiscal year.

Insider Buying and Selling

In other Zymeworks news, CEO Kenneth Galbraith sold 47,528 shares of the stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $27.02, for a total transaction of $1,284,206.56. Following the transaction, the chief executive officer directly owned 133,275 shares in the company, valued at $3,601,090.50. This represents a 26.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 33.51% of the stock is owned by company insiders.

Institutional Investors Weigh In On Zymeworks

A number of institutional investors have recently modified their holdings of the stock. Optiver Holding B.V. acquired a new position in Zymeworks in the third quarter worth about $26,000. Quarry LP acquired a new stake in Zymeworks during the third quarter valued at approximately $50,000. Tower Research Capital LLC TRC lifted its holdings in Zymeworks by 29.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company’s stock worth $62,000 after buying an additional 1,131 shares during the last quarter. CWM LLC grew its position in shares of Zymeworks by 272.8% in the 2nd quarter. CWM LLC now owns 8,570 shares of the company’s stock worth $108,000 after acquiring an additional 6,271 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in shares of Zymeworks by 157.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 10,307 shares of the company’s stock valued at $129,000 after acquiring an additional 6,307 shares during the last quarter. Institutional investors and hedge funds own 92.89% of the company’s stock.

About Zymeworks

Zymeworks Inc is a clinical-stage biopharmaceutical company headquartered in Vancouver, British Columbia, with a focus on the discovery, development and commercialization of multifunctional biotherapeutics. Founded in 2003, the company applies proprietary protein engineering platforms to create novel antibody and protein-based therapies targeting oncology and other serious diseases. Zymeworks is publicly traded on the New York Stock Exchange under the symbol ZYME.

The company’s core technology platforms include Azymetric®, which enables the design of bispecific antibodies capable of engaging two distinct targets simultaneously, and the EFECT™ platform for fine-tuning antibody-drug conjugate properties.