Raymond James & Associates cut its stake in shares of Zymeworks Inc. (NYSE:ZYME – Free Report) by 22.2% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 72,491 shares of the company’s stock after selling 20,744 shares during the quarter. Raymond James & Associates’ holdings in Zymeworks were worth $626,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. HRT Financial LP acquired a new stake in shares of Zymeworks in the first quarter worth $2,956,000. Corton Capital Inc. acquired a new stake in shares of Zymeworks in the first quarter worth $537,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Zymeworks in the first quarter worth $373,000. Exchange Traded Concepts LLC acquired a new stake in shares of Zymeworks in the second quarter worth $143,000. Finally, Mirabella Financial Services LLP acquired a new stake in shares of Zymeworks in the first quarter worth $388,000. Institutional investors and hedge funds own 93.63% of the company’s stock.
Zymeworks Trading Down 2.0 %
ZYME opened at $7.28 on Tuesday. The stock has a market cap of $494.46 million, a price-to-earnings ratio of 2.60 and a beta of 0.89. Zymeworks Inc. has a 1 year low of $5.76 and a 1 year high of $10.80. The stock has a fifty day moving average price of $6.82 and a 200 day moving average price of $7.77.
Analyst Upgrades and Downgrades
Separately, HC Wainwright reaffirmed a “neutral” rating and issued a $8.00 target price on shares of Zymeworks in a research report on Tuesday, August 15th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $12.44.
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 for the treatment of biliary tract, gastroesophageal adenocarcinomas, breast, colorectal, and endometrial cancers; and zanidatamab zovodotin, a HER2 -targeted antibody-drug conjugate that is in Phase 1 clinical trial for the treatment of advanced or metastatic HER2-expressing tumors.
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