Zymeworks Inc. (NYSE:ZYME) Stake Lowered by Victory Capital Management Inc.

Victory Capital Management Inc. cut its stake in Zymeworks Inc. (NYSE:ZYME) by 6.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,390 shares of the company’s stock after selling 3,910 shares during the period. Victory Capital Management Inc. owned 0.08% of Zymeworks worth $683,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Perceptive Advisors LLC grew its position in shares of Zymeworks by 55.2% during the second quarter. Perceptive Advisors LLC now owns 1,667,711 shares of the company’s stock worth $14,192,000 after acquiring an additional 592,904 shares during the last quarter. Rubric Capital Management LP boosted its stake in Zymeworks by 12.7% during the 2nd quarter. Rubric Capital Management LP now owns 3,917,331 shares of the company’s stock valued at $33,336,000 after purchasing an additional 441,947 shares during the period. Dimensional Fund Advisors LP grew its position in Zymeworks by 127.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 715,632 shares of the company’s stock worth $6,090,000 after purchasing an additional 401,068 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Zymeworks in the third quarter valued at approximately $4,156,000. Finally, Point72 Asset Management L.P. bought a new stake in shares of Zymeworks during the second quarter valued at approximately $1,683,000. 92.89% of the stock is currently owned by institutional investors.

Zymeworks Stock Up 0.8 %

Shares of Zymeworks stock opened at $14.42 on Friday. The business has a fifty day simple moving average of $13.85 and a 200-day simple moving average of $11.30. Zymeworks Inc. has a fifty-two week low of $7.97 and a fifty-two week high of $17.70. The firm has a market cap of $993.25 million, a price-to-earnings ratio of -9.61 and a beta of 1.16.

Zymeworks (NYSE:ZYME) last issued 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. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. 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) EPS. Zymeworks’s revenue was down 3.1% on a year-over-year basis. Analysts anticipate that Zymeworks Inc. will post -1.22 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on ZYME shares. Citigroup increased their price objective on Zymeworks from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Stifel Nicolaus increased their price target on Zymeworks from $21.00 to $28.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Wells Fargo & Company cut shares of Zymeworks from an “overweight” rating to an “equal weight” rating and set a $12.00 price objective on the stock. in a research note on Friday, November 1st. HC Wainwright reiterated a “neutral” rating and issued a $12.00 target price on shares of Zymeworks in a research report on Friday, November 22nd. Finally, Leerink Partnrs raised shares of Zymeworks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.00.

Zymeworks 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.