Zymeworks Inc. (NYSE:ZYME) Shares Bought by State Street Corp

State Street Corp lifted its holdings in shares of Zymeworks Inc. (NYSE:ZYME) by 6.1% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,171,777 shares of the company’s stock after buying an additional 67,401 shares during the period. State Street Corp owned approximately 1.70% of Zymeworks worth $14,706,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Point72 Asset Management L.P. purchased a new stake in Zymeworks in the 2nd quarter valued at approximately $1,683,000. Rubric Capital Management LP boosted its stake in shares of Zymeworks by 12.7% in the second 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. Vestal Point Capital LP grew its holdings in Zymeworks by 39.8% during the third 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. Squarepoint Ops LLC raised its position in Zymeworks by 401.9% in the second quarter. Squarepoint Ops LLC now owns 73,324 shares of the company’s stock worth $624,000 after acquiring an additional 58,716 shares in the last quarter. Finally, Perceptive Advisors LLC raised its position in Zymeworks by 55.2% in 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 in the last quarter. Hedge funds and other institutional investors own 92.89% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. upgraded shares of Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price target for the company in a research report on Monday, December 16th. 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. Leerink Partnrs upgraded Zymeworks from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Leerink Partners upgraded shares of Zymeworks from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $10.00 to $25.00 in a research report on Thursday, November 7th. Finally, Citigroup increased their price objective on shares of Zymeworks from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Zymeworks presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.17.

Zymeworks Stock Performance

ZYME stock opened at $14.14 on Wednesday. The stock has a 50-day simple moving average of $14.21 and a 200-day simple moving average of $11.96. The firm has a market cap of $973.93 million, a P/E ratio of -9.43 and a beta of 1.12. Zymeworks Inc. has a 1 year low of $7.97 and a 1 year high of $17.70.

Zymeworks (NYSE:ZYME) last announced its earnings results 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 company had revenue of $16.00 million for 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 quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the company posted ($0.41) EPS. On average, equities research analysts predict that Zymeworks Inc. will post -1.43 EPS for the current year.

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.