Redmile Group LLC Sells 109,126 Shares of Zymeworks Inc. (NYSE:ZYME)

Redmile Group LLC decreased its stake in Zymeworks Inc. (NYSE:ZYME) by 2.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,101,911 shares of the company’s stock after selling 109,126 shares during the quarter. Zymeworks makes up about 3.8% of Redmile Group LLC’s investment portfolio, making the stock its 6th largest position. Redmile Group LLC owned 7.41% of Zymeworks worth $64,029,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also bought and sold shares of the company. Vestal Point Capital LP boosted its stake in Zymeworks by 39.8% in the third quarter. Vestal Point Capital LP now owns 615,000 shares of the company’s stock worth $7,718,000 after purchasing an additional 175,000 shares in the last quarter. FMR LLC boosted its stake in Zymeworks by 84.2% in the third quarter. FMR LLC now owns 3,336 shares of the company’s stock worth $42,000 after purchasing an additional 1,525 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Zymeworks by 0.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 132,798 shares of the company’s stock worth $1,667,000 after purchasing an additional 650 shares in the last quarter. Intech Investment Management LLC bought a new stake in shares of Zymeworks during the third quarter worth $266,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of Zymeworks by 0.8% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,945,491 shares of the company’s stock worth $24,416,000 after acquiring an additional 14,604 shares during the last quarter. Institutional investors and hedge funds own 92.89% of the company’s stock.

Zymeworks Trading Up 1.1 %

NYSE ZYME opened at $14.11 on Thursday. The stock has a 50-day simple moving average of $13.99 and a 200 day simple moving average of $11.48. Zymeworks Inc. has a 12 month low of $7.97 and a 12 month high of $17.70.

Zymeworks (NYSE:ZYME) last announced its quarterly earnings results on Thursday, October 31st. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.01. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The company had revenue of $16.00 million during the quarter, compared to the consensus estimate of $17.90 million. During the same period in the prior year, the company earned ($0.41) earnings per share. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, equities analysts predict that Zymeworks Inc. will post -1.43 earnings per share for the current year.

Analyst Upgrades and Downgrades

ZYME has been the subject of a number of recent research reports. Leerink Partnrs upgraded Zymeworks from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Citigroup boosted their target price on Zymeworks from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Stifel Nicolaus boosted their target price on Zymeworks from $21.00 to $28.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. HC Wainwright restated a “neutral” rating and set a $12.00 target price on shares of Zymeworks in a research report on Friday, November 22nd. Finally, Leerink Partners upgraded Zymeworks from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $10.00 to $25.00 in a research report on Thursday, November 7th. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $19.00.

Zymeworks Company Profile

Zymeworks Inc, a clinical-stage biopharmaceutical company, discovers, develops, and commercializes biotherapeutics for the treatment of cancer. The company’s lead product candidates include zanidatamab, a human epidermal growth factor receptor 2 (HER2) that is in Phase 1, Phase 2, and Phase 3 clinical trials, including certain ongoing pivotal clinical trials; and zanidatamab zovodotin, a HER2 -targeted antibody-drug conjugate that is in Phase 2 clinical trial for the treatment of advanced or metastatic HER2-expressing tumors.