Zymeworks (NYSE:ZYME) Trading 4.6% Higher Following Insider Buying Activity

Zymeworks Inc. (NYSE:ZYMEGet Rating)’s stock price traded up 4.6% during mid-day trading on Tuesday after an insider bought additional shares in the company. The stock traded as high as $9.92 and last traded at $9.84. 129,158 shares were traded during mid-day trading, a decline of 87% from the average session volume of 1,017,344 shares. The stock had previously closed at $9.41.

Specifically, major shareholder Ecor1 Capital, Llc purchased 342,100 shares of Zymeworks stock in a transaction dated Friday, January 13th. The stock was acquired at an average price of $9.81 per share, for a total transaction of $3,356,001.00. Following the acquisition, the insider now owns 8,936,973 shares in the company, valued at approximately $87,671,705.13. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In the last quarter, insiders acquired 1,846,200 shares of company stock worth $16,073,510. 1.63% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Jefferies Financial Group upgraded shares of Zymeworks from a “hold” rating to a “buy” rating and boosted their price target for the company from $7.70 to $11.00 in a report on Monday, December 19th. SVB Leerink boosted their price objective on shares of Zymeworks from $8.00 to $10.00 and gave the stock a “market perform” rating in a research note on Friday, January 20th. Wells Fargo & Company reduced their price objective on shares of Zymeworks from $45.00 to $9.00 and set an “overweight” rating for the company in a research note on Tuesday, October 4th. HC Wainwright reiterated a “neutral” rating and set a $8.00 price objective on shares of Zymeworks in a research note on Tuesday. Finally, Stifel Nicolaus reduced their price objective on shares of Zymeworks from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Monday, October 24th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Zymeworks has an average rating of “Moderate Buy” and a consensus target price of $14.40.

Zymeworks Stock Performance

The firm has a market cap of $618.69 million, a price-to-earnings ratio of -2.56 and a beta of 1.09. The stock’s 50 day simple moving average is $7.94 and its 200-day simple moving average is $6.84.

Zymeworks (NYSE:ZYMEGet Rating) last issued its quarterly earnings results on Tuesday, November 8th. The company reported ($0.72) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.94) by $0.22. Zymeworks had a negative net margin of 751.00% and a negative return on equity of 89.24%. The business had revenue of $2.63 million for the quarter, compared to analyst estimates of $4.74 million. On average, analysts expect that Zymeworks Inc. will post 1.48 EPS for the current fiscal year.

Institutional Trading of Zymeworks

Large investors have recently made changes to their positions in the business. Quantbot Technologies LP purchased a new stake in shares of Zymeworks in the 1st quarter valued at $42,000. First Republic Investment Management Inc. purchased a new stake in shares of Zymeworks in the 1st quarter valued at $66,000. Lazard Asset Management LLC purchased a new stake in shares of Zymeworks in the 1st quarter valued at $66,000. ExodusPoint Capital Management LP purchased a new stake in shares of Zymeworks in the 3rd quarter valued at $68,000. Finally, Envestnet Asset Management Inc. purchased a new stake in shares of Zymeworks in the 2nd quarter valued at $62,000. 88.28% of the stock is owned by hedge funds and other institutional investors.

About Zymeworks

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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 novel bispecific antibody that is in Phase 1 and Phase 2 clinical trials for the treatment of biliary tract, gastroesophageal adenocarcinomas, breast, and colorectal cancer; and ZW49, a biparatopic anti-human epidermal growth factor receptor 2 (HER2) antibody-drug conjugate that is in Phase 1 clinical trial for the treatment of advanced or metastatic HER2-expressing tumors.

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