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

Zymeworks Inc. (NYSE:ZYMEGet Rating)’s stock price gapped up before the market opened on Thursday following insider buying activity. The stock had previously closed at $10.00, but opened at $11.18. Zymeworks shares last traded at $10.74, with a volume of 13,037 shares trading hands.

Specifically, major shareholder Ecor1 Capital, Llc purchased 440,000 shares of the stock in a transaction on Tuesday, January 17th. The shares were purchased at an average cost of $9.80 per share, with a total value of $4,312,000.00. Following the acquisition, the insider now directly owns 9,376,973 shares in the company, valued at $91,894,335.40. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have purchased a total of 1,702,100 shares of company stock valued at $14,706,001 in the last three months. 1.63% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on ZYME shares. Jefferies Financial Group raised shares of Zymeworks from a “hold” rating to a “buy” rating and increased their price target for the company from $7.70 to $11.00 in a report on Monday, December 19th. Barclays increased their target price on shares of Zymeworks from $7.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 22nd. HC Wainwright decreased their target price on shares of Zymeworks from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 4th. Guggenheim increased their target price on shares of Zymeworks from $15.00 to $16.00 in a research report on Thursday. Finally, Stifel Nicolaus decreased their target price on shares of Zymeworks from $21.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday, October 24th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Zymeworks has an average rating of “Moderate Buy” and a consensus price target of $14.20.

Zymeworks Trading Down 3.2 %

The firm has a market cap of $609.87 million, a price-to-earnings ratio of -2.53 and a beta of 1.09. The company’s 50-day moving average is $7.86 and its 200-day moving average is $6.75.

Zymeworks (NYSE:ZYMEGet Rating) last posted its quarterly earnings results on Tuesday, November 8th. The company reported ($0.72) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.94) by $0.22. The business had revenue of $2.63 million for the quarter, compared to analyst estimates of $4.74 million. Zymeworks had a negative net margin of 751.00% and a negative return on equity of 89.24%. Equities research analysts forecast that Zymeworks Inc. will post 1.47 EPS for the current year.

Institutional Trading of Zymeworks

Several large investors have recently made changes to their positions in the company. Values First Advisors Inc. boosted its position in Zymeworks by 13.8% in the second quarter. Values First Advisors Inc. now owns 18,140 shares of the company’s stock valued at $96,000 after buying an additional 2,205 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in Zymeworks by 3.2% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 72,524 shares of the company’s stock valued at $446,000 after buying an additional 2,281 shares in the last quarter. Quantbot Technologies LP boosted its position in Zymeworks by 58.9% in the second quarter. Quantbot Technologies LP now owns 10,300 shares of the company’s stock valued at $54,000 after buying an additional 3,818 shares in the last quarter. Bank of Montreal Can boosted its position in Zymeworks by 19.8% in the first quarter. Bank of Montreal Can now owns 24,872 shares of the company’s stock valued at $167,000 after buying an additional 4,103 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in Zymeworks by 23.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 22,520 shares of the company’s stock valued at $119,000 after buying an additional 4,226 shares in the last quarter. Institutional investors and hedge funds own 88.28% of the company’s stock.

Zymeworks Company Profile

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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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