Zymeworks (NASDAQ:ZYME) Trading Up 9.7% – What’s Next?

Zymeworks Inc. (NASDAQ:ZYME)’s stock price shot up 9.7% on Tuesday . The company traded as high as $28.00 and last traded at $26.61. 761,976 shares changed hands during mid-day trading, a decline of 2% from the average session volume of 780,000 shares. The stock had previously closed at $24.25.

Wall Street Analyst Weigh In

ZYME has been the topic of a number of analyst reports. Stifel Nicolaus lifted their target price on Zymeworks from $40.00 to $47.00 and gave the stock a “buy” rating in a research report on Tuesday, March 3rd. Zacks Research lowered Zymeworks from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 26th. Leerink Partners lifted their price objective on Zymeworks from $52.00 to $58.00 and gave the stock an “outperform” rating in a report on Tuesday, March 3rd. Wells Fargo & Company raised Zymeworks from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $25.00 to $33.00 in a research report on Friday, December 12th. Finally, Truist Financial started coverage on shares of Zymeworks in a research report on Wednesday, December 17th. They set a “buy” rating and a $40.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Zymeworks currently has a consensus rating of “Moderate Buy” and an average price target of $37.10.

Zymeworks Trading Up 9.7%

The company’s 50-day moving average is $23.67 and its two-hundred day moving average is $21.24. The stock has a market capitalization of $1.96 billion, a P/E ratio of -24.64 and a beta of 1.23.

Zymeworks (NASDAQ:ZYME) last posted its earnings results on Monday, March 2nd. The company reported ($0.55) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.20). Zymeworks had a negative net margin of 76.56% and a negative return on equity of 26.00%. The business had revenue of $2.52 million during the quarter, compared to analyst estimates of $21.78 million. During the same quarter in the prior year, the business earned ($0.31) earnings per share. The firm’s revenue was down 91.9% compared to the same quarter last year.

Insider Activity at Zymeworks

In related news, COO Mark Hollywood sold 6,120 shares of the business’s stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $22.67, for a total transaction of $138,740.40. Following the sale, the chief operating officer owned 132,913 shares of the company’s stock, valued at $3,013,137.71. The trade was a 4.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kenneth Galbraith sold 30,424 shares of the business’s stock in a transaction on Monday, January 12th. The stock was sold at an average price of $22.67, for a total value of $689,712.08. Following the completion of the sale, the chief executive officer directly owned 226,842 shares in the company, valued at $5,142,508.14. This represents a 11.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 187,933 shares of company stock valued at $4,673,716 over the last quarter. Corporate insiders own 33.51% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC lifted its holdings in shares of Zymeworks by 86.0% in the first quarter. AQR Capital Management LLC now owns 48,485 shares of the company’s stock valued at $577,000 after purchasing an additional 22,411 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Zymeworks by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,385 shares of the company’s stock valued at $386,000 after buying an additional 1,427 shares in the last quarter. Jane Street Group LLC raised its position in Zymeworks by 487.0% during the first quarter. Jane Street Group LLC now owns 135,763 shares of the company’s stock valued at $1,617,000 after buying an additional 112,636 shares during the period. Bank of Montreal Can lifted its stake in Zymeworks by 6.7% in the 2nd quarter. Bank of Montreal Can now owns 27,642 shares of the company’s stock worth $347,000 after acquiring an additional 1,730 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in Zymeworks in the 2nd quarter worth about $188,000. 92.89% of the stock is owned by hedge funds and other institutional investors.

About Zymeworks

Zymeworks Inc is a clinical-stage biopharmaceutical company dedicated to the discovery, development and commercialization of next-generation multifunctional biotherapeutics. The company specializes in engineered antibody and protein therapeutics designed to address a range of unmet medical needs in oncology and other serious diseases. Through its proprietary platforms, Zymeworks aims to create novel bispecific and multispecific molecules that can simultaneously engage multiple targets and recruit immune effector functions to enhance potency and specificity.

At the core of Zymeworks’ innovation is its Azymetric™ bispecific antibody platform, which enables the design of asymmetrical bispecific antibodies with controlled assembly and high stability.