Zymeworks (NYSE:ZYME) Shares Gap Up After Insider Buying Activity

Zymeworks Inc. (NYSE:ZYMEGet Free Report)’s stock price gapped up before the market opened on Friday after an insider bought additional shares in the company. The stock had previously closed at $14.78, but opened at $16.46. Zymeworks shares last traded at $15.91, with a volume of 203,172 shares traded.

Specifically, Director Ecor1 Capital, Llc bought 157,880 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were purchased at an average cost of $14.78 per share, for a total transaction of $2,333,466.40. Following the completion of the purchase, the director now owns 15,185,959 shares of the company’s stock, valued at approximately $224,448,474.02. This represents a 1.05 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ecor1 Capital, Llc purchased 58,988 shares of the firm’s stock in a transaction that occurred 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 purchase, the director now directly owns 14,881,578 shares of the company’s stock, valued at $215,336,433.66. The trade was a 0.40 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised shares of Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price objective for the company in a research report on Monday, December 16th. Leerink Partnrs upgraded Zymeworks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 7th. Citigroup upped their price target on Zymeworks from $16.00 to $18.00 and gave the company a “buy” rating in a report on Monday, November 4th. Leerink Partners raised shares of Zymeworks from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $10.00 to $25.00 in a report on Thursday, November 7th. Finally, HC Wainwright restated a “neutral” rating and issued a $12.00 target price on shares of Zymeworks in a report on Friday, November 22nd. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.17.

Check Out Our Latest Research Report on ZYME

Zymeworks Stock Up 1.6 %

The stock has a fifty day moving average of $14.43 and a 200-day moving average of $12.23. The stock has a market cap of $1.03 billion, a PE ratio of -10.01 and a beta of 1.12.

Zymeworks (NYSE:ZYMEGet Free Report) last released 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. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The business had revenue of $16.00 million for the quarter, compared to analyst estimates of $17.90 million. During the same quarter in the previous year, the company posted ($0.41) earnings per share. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. Equities research analysts forecast that Zymeworks Inc. will post -1.43 earnings per share for the current fiscal year.

Institutional Trading of Zymeworks

Several hedge funds have recently made changes to their positions in ZYME. FMR LLC increased its stake in shares of Zymeworks by 84.2% during the third quarter. FMR LLC now owns 3,336 shares of the company’s stock worth $42,000 after acquiring an additional 1,525 shares during the period. DekaBank Deutsche Girozentrale acquired a new position in Zymeworks during the 3rd quarter worth approximately $47,000. Quest Partners LLC raised its stake in shares of Zymeworks by 8,049.6% during the 2nd quarter. Quest Partners LLC now owns 9,209 shares of the company’s stock worth $78,000 after buying an additional 9,096 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of Zymeworks in the 3rd quarter valued at approximately $79,000. Finally, MQS Management LLC purchased a new stake in shares of Zymeworks in the second quarter valued at approximately $92,000. Institutional investors and hedge funds own 92.89% of the company’s stock.

About Zymeworks

(Get Free Report)

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.

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