Insider Buying: Zymeworks Inc. (NYSE:ZYME) Director Acquires 58,988 Shares of Stock

Zymeworks Inc. (NYSE:ZYME) Director Ecor1 Capital, Llc purchased 58,988 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were bought at an average price of $14.47 per share, with a total value of $853,556.36. Following the completion of the acquisition, the director now owns 14,881,578 shares of the company’s stock, valued at $215,336,433.66. This trade represents a 0.40 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Ecor1 Capital, Llc also recently made the following trade(s):

• On Thursday, January 2nd, Ecor1 Capital, Llc bought 157,880 shares of Zymeworks stock. The shares were bought at an average cost of $14.78 per share, with a total value of $2,333,466.40.
• On Tuesday, December 24th, Ecor1 Capital, Llc purchased 11,958 shares of Zymeworks stock. The stock was bought at an average cost of $14.12 per share, for a total transaction of $168,846.96.
• On Thursday, December 26th, Ecor1 Capital, Llc bought 16,692 shares of Zymeworks stock. The stock was purchased at an average price of $14.38 per share, for a total transaction of $240,030.96.

Zymeworks Price Performance

ZYME traded up $0.14 during trading on Thursday, hitting $14.78. 496,625 shares of the stock traded hands, compared to its average volume of 608,278. Zymeworks Inc. has a twelve month low of $7.97 and a twelve month high of $17.70. The business has a 50 day moving average price of $14.36 and a 200 day moving average price of $12.17. The company has a market cap of $1.02 billion, a price-to-earnings ratio of -9.85 and a beta of 1.12.

Zymeworks (NYSE:ZYME) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($0.39) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.01. The business had revenue of $16.00 million during the quarter, compared to analyst estimates of $17.90 million. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the business earned ($0.41) EPS. On average, equities research analysts predict that Zymeworks Inc. will post -1.43 earnings per share for the current year.

Institutional Trading of Zymeworks

Large investors have recently made changes to their positions in the company. Point72 Asset Management L.P. purchased a new position in shares of Zymeworks during the second quarter valued at approximately $1,683,000. Rubric Capital Management LP grew its stake in Zymeworks by 12.7% in the 2nd quarter. Rubric Capital Management LP now owns 3,917,331 shares of the company’s stock valued at $33,336,000 after buying an additional 441,947 shares in the last quarter. State Street Corp lifted its holdings in Zymeworks by 6.1% during the 3rd quarter. State Street Corp now owns 1,171,777 shares of the company’s stock worth $14,706,000 after purchasing an additional 67,401 shares in the last quarter. Vestal Point Capital LP increased its holdings in Zymeworks by 39.8% during the 3rd quarter. Vestal Point Capital LP now owns 615,000 shares of the company’s stock worth $7,718,000 after acquiring an additional 175,000 shares during the period. Finally, Barclays PLC raised its position in shares of Zymeworks by 476.3% in the third quarter. Barclays PLC now owns 154,384 shares of the company’s stock worth $1,937,000 after buying an additional 127,595 shares in the last quarter. 92.89% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on ZYME. Leerink Partners upgraded Zymeworks from a “market perform” rating to an “outperform” rating and raised their target price for the company from $10.00 to $25.00 in a report on Thursday, November 7th. Wells Fargo & Company lifted their price objective on Zymeworks from $12.00 to $14.00 and gave the stock an “equal weight” rating in a report on Thursday, December 19th. Citigroup raised their price target on shares of Zymeworks from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. JPMorgan Chase & Co. upgraded shares of Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 target price for the company in a research report on Monday, December 16th. Finally, HC Wainwright reiterated a “neutral” rating and issued a $12.00 price target on shares of Zymeworks in a report on Friday, November 22nd. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $19.17.

About Zymeworks

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.