American International Group Inc. Makes New Investment in Zymeworks Inc. (NYSE:ZYME)

American International Group Inc. bought a new position in Zymeworks Inc. (NYSE:ZYME) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 25,691 shares of the company’s stock, valued at approximately $222,000.

A number of other large investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its holdings in Zymeworks by 5.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 41,232 shares of the company’s stock worth $356,000 after purchasing an additional 2,187 shares in the last quarter. Quantbot Technologies LP raised its holdings in Zymeworks by 58.9% in the second quarter. Quantbot Technologies LP now owns 10,300 shares of the company’s stock worth $54,000 after purchasing an additional 3,818 shares in the last quarter. Stifel Financial Corp raised its holdings in Zymeworks by 10.1% in the first quarter. Stifel Financial Corp now owns 43,825 shares of the company’s stock worth $396,000 after purchasing an additional 4,025 shares in the last quarter. Bank of Montreal Can raised its holdings in Zymeworks by 19.8% in the first quarter. Bank of Montreal Can now owns 24,872 shares of the company’s stock worth $167,000 after purchasing an additional 4,103 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its holdings in Zymeworks by 7.2% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 61,966 shares of the company’s stock worth $535,000 after purchasing an additional 4,139 shares in the last quarter. 93.63% of the stock is currently owned by institutional investors.

Zymeworks Trading Up 2.1 %

Shares of NYSE:ZYME opened at $8.36 on Tuesday. Zymeworks Inc. has a twelve month low of $5.76 and a twelve month high of $10.80. The company’s 50 day moving average is $6.88 and its 200 day moving average is $7.69. The company has a market cap of $585.22 million, a PE ratio of 2.69 and a beta of 0.89.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright restated a “neutral” rating and set a $8.00 price objective on shares of Zymeworks in a report on Tuesday, August 15th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Zymeworks currently has a consensus rating of “Hold” and an average target price of $12.44.

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 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 2 clinical trial for the treatment of advanced or metastatic HER2-expressing tumors.