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

Zymeworks Inc. (NYSE:ZYME) Director Ecor1 Capital, Llc bought 58,988 shares of the firm’s stock in a transaction on Monday, December 30th. The stock was purchased at an average price of $14.47 per share, with a total value of $853,556.36. Following the transaction, the director now owns 14,881,578 shares in the company, valued at $215,336,433.66. The trade was a 0.40 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link.

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

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

Zymeworks Price Performance

Shares of ZYME traded up $0.14 during trading hours on Thursday, hitting $14.78. 496,625 shares of the company were exchanged, compared to its average volume of 608,278. The company has a market capitalization of $1.02 billion, a PE ratio of -9.85 and a beta of 1.12. The firm has a fifty day simple moving average of $14.36 and a 200-day simple moving average of $12.17. Zymeworks Inc. has a one year low of $7.97 and a one year high of $17.70.

Zymeworks (NYSE:ZYME) last released its quarterly earnings results on Thursday, October 31st. The company reported ($0.39) earnings per share 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 return on equity of 23.00% and a negative net margin of 182.75%. Zymeworks’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter last year, the company posted ($0.41) EPS. Sell-side analysts expect that Zymeworks Inc. will post -1.43 EPS for the current year.

Institutional Inflows and Outflows

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

Analysts Set New Price Targets

ZYME has been the subject of a number of research analyst reports. Stifel Nicolaus upped their price target on shares of Zymeworks from $21.00 to $28.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Citigroup increased their price target on Zymeworks from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Leerink Partnrs raised Zymeworks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 7th. Leerink Partners raised 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 research note on Thursday, November 7th. Finally, HC Wainwright reaffirmed a “neutral” rating and set a $12.00 target price on shares of Zymeworks in a report on Friday, November 22nd. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target 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.