Zymeworks Inc. $ZYME Shares Sold by Prosight Management LP

Prosight Management LP reduced its stake in Zymeworks Inc. (NASDAQ:ZYME) by 42.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 749,611 shares of the company’s stock after selling 560,293 shares during the period. Zymeworks makes up approximately 3.0% of Prosight Management LP’s portfolio, making the stock its 15th biggest position. Prosight Management LP’s holdings in Zymeworks were worth $12,803,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. EcoR1 Capital LLC boosted its stake in Zymeworks by 33.1% during the second quarter. EcoR1 Capital LLC now owns 22,970,388 shares of the company’s stock worth $288,278,000 after buying an additional 5,710,840 shares during the period. Rubric Capital Management LP lifted its holdings in shares of Zymeworks by 8.6% in the 2nd quarter. Rubric Capital Management LP now owns 4,710,551 shares of the company’s stock worth $59,117,000 after acquiring an additional 372,107 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Zymeworks by 169.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,326,774 shares of the company’s stock worth $22,661,000 after purchasing an additional 833,994 shares during the period. Vestal Point Capital LP boosted its position in shares of Zymeworks by 130.0% during the 2nd quarter. Vestal Point Capital LP now owns 1,150,000 shares of the company’s stock worth $14,432,000 after purchasing an additional 650,000 shares during the period. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in Zymeworks in the 2nd quarter valued at approximately $5,974,000. Institutional investors and hedge funds own 92.89% of the company’s stock.

Insider Buying and Selling

In other Zymeworks news, EVP Jeffrey T. L. Smith sold 9,310 shares of the stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $22.67, for a total value of $211,057.70. Following the sale, the executive vice president owned 26,708 shares of the company’s stock, valued at $605,470.36. This trade represents a 25.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Kenneth Galbraith sold 30,424 shares of Zymeworks stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $22.67, for a total value of $689,712.08. Following the completion of the transaction, the chief executive officer owned 226,842 shares of the company’s stock, valued at $5,142,508.14. The trade was a 11.83% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 187,933 shares of company stock worth $4,673,716 in the last quarter. Company insiders own 33.51% of the company’s stock.

Zymeworks Stock Down 1.5%

NASDAQ:ZYME opened at $22.88 on Friday. The company has a fifty day simple moving average of $23.49 and a two-hundred day simple moving average of $21.41. The company has a market cap of $1.69 billion, a price-to-earnings ratio of -21.18 and a beta of 1.23. Zymeworks Inc. has a 52 week low of $9.03 and a 52 week high of $28.49.

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

Wall Street Analyst Weigh In

A number of analysts have issued reports on ZYME shares. Leerink Partners boosted their target price on Zymeworks from $52.00 to $58.00 and gave the company an “outperform” rating in a research report on Tuesday, March 3rd. Zacks Research cut Zymeworks from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Zymeworks in a report on Wednesday, January 21st. Citigroup began coverage on Zymeworks in a research note on Wednesday, December 3rd. They set an “outperform” rating on the stock. Finally, Wells Fargo & Company upgraded Zymeworks from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $25.00 to $33.00 in a report on Friday, December 12th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $37.89.

Zymeworks Company Profile

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.