Bank of New York Mellon Corp Has $1.77 Million Stock Holdings in Zymeworks Inc. (NYSE:ZYME)

Bank of New York Mellon Corp cut its stake in Zymeworks Inc. (NYSE:ZYME) by 51.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 120,683 shares of the company’s stock after selling 129,308 shares during the period. Bank of New York Mellon Corp owned approximately 0.18% of Zymeworks worth $1,767,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ZYME. Charles Schwab Investment Management Inc. raised its holdings in shares of Zymeworks by 0.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 132,798 shares of the company’s stock worth $1,667,000 after buying an additional 650 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in shares of Zymeworks by 6.9% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 14,605 shares of the company’s stock worth $214,000 after buying an additional 940 shares in the last quarter. FMR LLC raised its holdings in shares of Zymeworks by 84.2% during the 3rd 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. Stifel Financial Corp raised its holdings in shares of Zymeworks by 2.1% during the 3rd quarter. Stifel Financial Corp now owns 73,654 shares of the company’s stock worth $924,000 after buying an additional 1,540 shares in the last quarter. Finally, New York State Common Retirement Fund raised its holdings in shares of Zymeworks by 42.7% during the 4th quarter. New York State Common Retirement Fund now owns 13,371 shares of the company’s stock worth $196,000 after buying an additional 4,000 shares in the last quarter. 92.89% of the stock is owned by institutional investors and hedge funds.

Zymeworks Trading Down 1.6 %

Shares of ZYME opened at $12.72 on Friday. The company has a market capitalization of $885.02 million, a price-to-earnings ratio of -8.48 and a beta of 1.13. The stock has a 50 day moving average of $13.72 and a 200 day moving average of $13.70. Zymeworks Inc. has a 12 month low of $7.97 and a 12 month high of $17.70.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ZYME. HC Wainwright boosted their price objective on Zymeworks from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Monday, March 10th. JPMorgan Chase & Co. raised Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price target on the stock in a research note on Monday, December 16th. Citigroup upped their price target on Zymeworks from $18.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. Wells Fargo & Company upped their price target on Zymeworks from $12.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 19th. Finally, Lifesci Capital initiated coverage on Zymeworks in a research note on Tuesday, March 11th. They set an “outperform” rating and a $30.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.00.

Insider Buying and Selling at Zymeworks

In related news, CEO Kenneth Galbraith sold 57,291 shares of the stock in a transaction 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 sale, the chief executive officer now owns 47,543 shares in the company, valued at approximately $709,341.56. This trade represents a 54.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Ecor1 Capital, Llc purchased 11,958 shares of the stock in a transaction on Tuesday, December 24th. The shares were purchased at an average price of $14.12 per share, for a total transaction of $168,846.96. Following the transaction, the director now directly owns 14,704,239 shares of the company’s stock, valued at approximately $207,623,854.68. This represents a 0.08 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 1,507,168 shares of company stock valued at $19,339,774 and sold 89,601 shares valued at $1,336,847. 1.92% of the stock is owned by corporate insiders.

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.