New York State Common Retirement Fund Grows Holdings in Zymeworks Inc. (NYSE:ZYME)

New York State Common Retirement Fund grew its stake in shares of Zymeworks Inc. (NYSE:ZYME) by 42.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 13,371 shares of the company’s stock after buying an additional 4,000 shares during the quarter. New York State Common Retirement Fund’s holdings in Zymeworks were worth $196,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in ZYME. State Street Corp raised its position in Zymeworks by 6.1% during the third 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 in the last quarter. Barclays PLC raised its holdings in shares of Zymeworks by 476.3% during the 3rd quarter. Barclays PLC now owns 154,384 shares of the company’s stock valued at $1,937,000 after buying an additional 127,595 shares in the last quarter. Vestal Point Capital LP raised its holdings in shares of Zymeworks by 39.8% during the 3rd quarter. Vestal Point Capital LP now owns 615,000 shares of the company’s stock valued at $7,718,000 after buying an additional 175,000 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in Zymeworks by 93.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 642,251 shares of the company’s stock worth $9,403,000 after buying an additional 311,107 shares during the last quarter. Finally, FMR LLC boosted its stake in Zymeworks by 84.2% in the third quarter. FMR LLC now owns 3,336 shares of the company’s stock worth $42,000 after buying an additional 1,525 shares in the last quarter. 92.89% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on ZYME. Leerink Partners raised shares of Zymeworks from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $10.00 to $25.00 in a research note on Thursday, November 7th. JPMorgan Chase & Co. upgraded shares of Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 target price on the stock in a research report on Monday, December 16th. HC Wainwright reissued a “neutral” rating and issued a $12.00 price target on shares of Zymeworks in a research note on Friday, November 22nd. Wells Fargo & Company raised their price objective on Zymeworks from $12.00 to $14.00 and gave the company an “equal weight” rating in a research note on Thursday, December 19th. Finally, Leerink Partnrs raised Zymeworks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 7th. 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 company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $19.17.

Zymeworks Price Performance

NYSE ZYME opened at $13.18 on Thursday. Zymeworks Inc. has a 1 year low of $7.97 and a 1 year high of $17.70. The stock has a market capitalization of $907.81 million, a PE ratio of -8.79 and a beta of 1.13. The business’s 50-day moving average is $14.25 and its 200 day moving average is $13.62.

Insiders Place Their Bets

In other news, Director Ecor1 Capital, Llc acquired 204,098 shares of the business’s stock in a transaction on Friday, January 10th. The shares were acquired at an average cost of $13.13 per share, with a total value of $2,679,806.74. Following the transaction, the director now owns 15,411,078 shares in the company, valued at $202,347,454.14. The trade was a 1.34 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Kenneth Galbraith sold 57,291 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $14.92, for a total value of $854,781.72. Following the completion of the transaction, the chief executive officer now directly owns 47,543 shares of the company’s stock, valued at $709,341.56. This represents a 54.65 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 603,539 shares of company stock worth $8,384,708 and sold 89,601 shares worth $1,336,847. Company insiders own 1.92% of the company’s stock.

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.