Raymond James Financial Inc. Purchases Shares of 60,642 Zymeworks Inc. (NYSE:ZYME)

Raymond James Financial Inc. acquired a new position in shares of Zymeworks Inc. (NYSE:ZYME) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 60,642 shares of the company’s stock, valued at approximately $888,000. Raymond James Financial Inc. owned approximately 0.09% of Zymeworks at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its position 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 purchasing an additional 650 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its stake in shares of Zymeworks by 6.9% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 14,605 shares of the company’s stock valued at $214,000 after buying an additional 940 shares in the last quarter. FMR LLC raised its stake in shares of Zymeworks by 84.2% in 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 last quarter. Stifel Financial Corp grew its stake in shares of Zymeworks by 2.1% during the third quarter. Stifel Financial Corp now owns 73,654 shares of the company’s stock valued at $924,000 after purchasing an additional 1,540 shares during the last quarter. Finally, New York State Common Retirement Fund increased its holdings in shares of Zymeworks by 42.7% in the fourth quarter. New York State Common Retirement Fund now owns 13,371 shares of the company’s stock valued at $196,000 after purchasing an additional 4,000 shares in the last quarter. 92.89% of the stock is owned by institutional investors.

Zymeworks Price Performance

Zymeworks stock opened at $10.95 on Friday. The firm has a market capitalization of $761.87 million, a price-to-earnings ratio of -7.30 and a beta of 1.18. The company’s 50 day simple moving average is $13.31 and its 200 day simple moving average is $13.69. Zymeworks Inc. has a fifty-two week low of $7.97 and a fifty-two week high of $17.70.

Wall Street Analyst Weigh In

ZYME has been the topic of a number of recent research reports. JPMorgan Chase & Co. upgraded Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price objective on the stock in a research report on Monday, December 16th. HC Wainwright raised their price target on Zymeworks from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Monday, March 10th. Lifesci Capital initiated coverage on Zymeworks in a report on Tuesday, March 11th. They set an “outperform” rating and a $30.00 price objective for the company. Citigroup raised their target price on shares of Zymeworks from $18.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, March 7th. Finally, Wells Fargo & Company lifted their price target on shares of Zymeworks from $12.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 19th. Two 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 stock. According to MarketBeat, Zymeworks has a consensus rating of “Moderate Buy” and an average price target of $21.00.

Insider Transactions at Zymeworks

In other news, CEO Kenneth Galbraith sold 57,291 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were 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 owns 47,543 shares in the company, valued at $709,341.56. This represents a 54.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ecor1 Capital, Llc acquired 468,356 shares of the stock in a transaction dated Thursday, March 13th. The shares were bought at an average cost of $12.48 per share, with a total value of $5,845,082.88. Following the transaction, the director now directly owns 16,802,141 shares of the company’s stock, valued at $209,690,719.68. This represents a 2.87 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 1,437,977 shares of company stock valued at $17,906,778 and have sold 89,601 shares valued at $1,336,847. Insiders own 1.92% of the company’s stock.

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.