Zymeworks (NYSE:ZYME) Shares Gap Down – Here’s Why

Zymeworks Inc. (NYSE:ZYME)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $13.18, but opened at $12.44. Zymeworks shares last traded at $12.12, with a volume of 123,050 shares traded.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ZYME. JPMorgan Chase & Co. raised Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 target price on the stock in a research report on Monday, December 16th. Wells Fargo & Company upped their price objective on shares of Zymeworks from $12.00 to $14.00 and gave the company an “equal weight” rating in a report on Thursday, December 19th. Leerink Partners upgraded shares of Zymeworks from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $10.00 to $25.00 in a research note on Thursday, November 7th. Leerink Partnrs raised shares of Zymeworks from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Finally, HC Wainwright reaffirmed a “neutral” rating and issued a $12.00 price target on shares of Zymeworks in a report on Friday, November 22nd. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $19.17.

Zymeworks Stock Performance

The company has a market cap of $831.98 million, a price-to-earnings ratio of -8.05 and a beta of 1.13. The company’s fifty day moving average is $14.25 and its two-hundred day moving average is $13.62.

Insider Transactions at Zymeworks

In related news, Director Ecor1 Capital, Llc acquired 204,098 shares of the stock in a transaction on Friday, January 10th. The shares were acquired at an average price of $13.13 per share, for a total transaction of $2,679,806.74. Following the transaction, the director now owns 15,411,078 shares in the company, valued at approximately $202,347,454.14. This trade represents a 1.34 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kenneth Galbraith sold 57,291 shares of Zymeworks stock in a transaction on Monday, January 6th. The shares were sold at an average price of $14.92, for a total transaction of $854,781.72. Following the completion of the transaction, the chief executive officer now directly owns 47,543 shares of the company’s stock, valued at $709,341.56. The trade was a 54.65 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have acquired 603,539 shares of company stock worth $8,384,708 and have sold 89,601 shares worth $1,336,847. Company insiders own 1.92% of the company’s stock.

Institutional Trading of Zymeworks

Institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp boosted its position in shares of Zymeworks by 6.1% during the third quarter. State Street Corp now owns 1,171,777 shares of the company’s stock worth $14,706,000 after buying an additional 67,401 shares during the period. Barclays PLC grew its position in Zymeworks by 476.3% in the 3rd quarter. Barclays PLC now owns 154,384 shares of the company’s stock valued at $1,937,000 after acquiring an additional 127,595 shares in the last quarter. Vestal Point Capital LP grew its position in Zymeworks by 39.8% in the 3rd quarter. Vestal Point Capital LP now owns 615,000 shares of the company’s stock valued at $7,718,000 after acquiring an additional 175,000 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Zymeworks by 93.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 642,251 shares of the company’s stock valued at $9,403,000 after purchasing an additional 311,107 shares in the last quarter. Finally, FMR LLC increased its stake in Zymeworks by 84.2% during the 3rd quarter. FMR LLC now owns 3,336 shares of the company’s stock worth $42,000 after buying an additional 1,525 shares during the period. 92.89% of the stock is currently owned by hedge funds and other institutional investors.

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.