Zymeworks (NYSE:ZYME) Trading 4.2% Higher After Insider Buying Activity

Zymeworks Inc. (NYSE:ZYME) was up 4.2% on Tuesday following insider buying activity. The stock traded as high as $12.22 and last traded at $12.32. Approximately 24,363 shares changed hands during trading, a decline of 96% from the average daily volume of 596,591 shares. The stock had previously closed at $11.82.

Specifically, Director Ecor1 Capital, Llc acquired 5,919 shares of the stock in a transaction that occurred on Monday, May 19th. The shares were purchased at an average cost of $11.78 per share, for a total transaction of $69,725.82. Following the transaction, the director now directly owns 17,883,908 shares in the company, valued at approximately $210,672,436.24. This represents a 0.03% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ecor1 Capital, Llc acquired 49,502 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was purchased at an average price of $11.43 per share, for a total transaction of $565,807.86. Following the completion of the transaction, the director now owns 17,877,989 shares in the company, valued at $204,345,414.27. The trade was a 0.28% increase in their ownership of the stock. The disclosure for this purchase can be found here.

Analyst Ratings Changes

A number of equities analysts recently weighed in on ZYME shares. Citigroup lifted their price objective on shares of Zymeworks from $18.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, March 7th. TD Securities began coverage on shares of Zymeworks in a research report on Tuesday. They set a “buy” rating on the stock. HC Wainwright boosted their target price on shares of Zymeworks from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Monday, March 10th. Lifesci Capital began coverage on shares of Zymeworks in a research report on Tuesday, March 11th. They set an “outperform” rating and a $30.00 target price on the stock. Finally, TD Cowen began coverage on shares of Zymeworks in a research report on Tuesday. They set a “buy” rating on the stock. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $21.00.

Zymeworks Trading Up 5.2%

The firm has a market cap of $864.84 million, a price-to-earnings ratio of -8.29 and a beta of 1.24. The firm has a 50 day moving average price of $11.80 and a 200-day moving average price of $13.37.

Zymeworks (NYSE:ZYME) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.15. The business had revenue of $27.11 million during the quarter, compared to the consensus estimate of $20.65 million. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The business’s revenue was up 170.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.42) EPS. As a group, equities analysts expect that Zymeworks Inc. will post -1.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ZYME. Nuveen Asset Management LLC raised its stake in Zymeworks by 0.4% in the 4th quarter. Nuveen Asset Management LLC now owns 207,023 shares of the company’s stock valued at $3,031,000 after purchasing an additional 886 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its stake in Zymeworks by 6.9% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 14,605 shares of the company’s stock valued at $214,000 after purchasing an additional 940 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in Zymeworks by 12.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 11,567 shares of the company’s stock valued at $138,000 after purchasing an additional 1,300 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Zymeworks by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,385 shares of the company’s stock valued at $386,000 after purchasing an additional 1,427 shares during the last quarter. Finally, Picton Mahoney Asset Management raised its stake in Zymeworks by 0.7% in the 1st quarter. Picton Mahoney Asset Management now owns 208,029 shares of the company’s stock valued at $2,477,000 after purchasing an additional 1,460 shares during the last quarter. Institutional investors and hedge funds own 92.89% 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.