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

Zymeworks Inc. (NYSE:ZYME)’s stock price gapped up before the market opened on Thursday after an insider bought additional shares in the company. The stock had previously closed at $14.04, but opened at $14.63. Zymeworks shares last traded at $14.05, with a volume of 32,031 shares.

Specifically, Director Ecor1 Capital, Llc bought 39,029 shares of the stock in a transaction dated Wednesday, January 15th. The shares were acquired at an average price of $14.01 per share, with a total value of $546,796.29. Following the acquisition, the director now owns 15,578,732 shares in the company, valued at $218,258,035.32. This trade represents a 0.25 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ecor1 Capital, Llc purchased 74,125 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The shares were purchased at an average cost of $13.39 per share, with a total value of $992,533.75. Following the completion of the acquisition, the director now directly owns 15,485,203 shares in the company, valued at $207,346,868.17. The trade was a 0.48 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In other news, Director Ecor1 Capital, Llc acquired 204,098 shares of the firm’s stock in a transaction on Friday, January 10th. The shares were purchased at an average cost of $13.13 per share, with a total value of $2,679,806.74. Following the completion of the purchase, the director now owns 15,411,078 shares of the company’s stock, valued at $202,347,454.14. This represents a 1.34 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Wells Fargo & Company boosted their target price on Zymeworks from $12.00 to $14.00 and gave the stock an “equal weight” rating in a report on Thursday, December 19th. Leerink Partnrs raised Zymeworks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. upgraded Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 target price for the company in a research note on Monday, December 16th. Leerink Partners upgraded shares of Zymeworks from a “market perform” rating to an “outperform” rating and upped their price target 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 stock a “buy” rating in a report on Monday, November 4th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Zymeworks presently has a consensus rating of “Moderate Buy” and an average target price of $19.17.

Zymeworks Stock Down 0.4 %

The company has a market cap of $963.63 million, a P/E ratio of -9.33 and a beta of 1.10. The business has a 50-day moving average price of $14.36 and a two-hundred day moving average price of $12.58.

Zymeworks (NYSE:ZYME) last announced its quarterly earnings data on Thursday, October 31st. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.01. The firm had revenue of $16.00 million during the quarter, compared to analysts’ expectations of $17.90 million. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.41) EPS. As a group, sell-side analysts expect that Zymeworks Inc. will post -1.39 EPS for the current fiscal year.

Hedge Funds Weigh In On Zymeworks

Several large investors have recently bought and sold shares of the business. Point72 Asset Management L.P. acquired a new stake in Zymeworks during the 2nd quarter worth $1,683,000. Rubric Capital Management LP grew its stake in shares of Zymeworks by 12.7% during the second 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 during the period. Barclays PLC increased its holdings in Zymeworks by 476.3% in the third quarter. Barclays PLC now owns 154,384 shares of the company’s stock valued at $1,937,000 after purchasing an additional 127,595 shares during the last quarter. State Street Corp lifted its stake in Zymeworks by 6.1% in the third quarter. State Street Corp now owns 1,171,777 shares of the company’s stock valued at $14,706,000 after buying an additional 67,401 shares during the period. Finally, Vestal Point Capital LP boosted 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 buying an additional 175,000 shares during the last quarter. 92.89% of the stock is currently owned by institutional investors and hedge funds.

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.