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

Shares of Zymeworks Inc. (NYSE:ZYME) gapped up before the market opened on Friday after an insider bought additional shares in the company. The stock had previously closed at $14.78, but opened at $16.46. Zymeworks shares last traded at $15.91, with a volume of 203,172 shares changing hands.

Specifically, Director Ecor1 Capital, Llc acquired 157,880 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were acquired at an average price of $14.78 per share, with a total value of $2,333,466.40. Following the purchase, the director now owns 15,185,959 shares of the company’s stock, valued at $224,448,474.02. This represents a 1.05 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ecor1 Capital, Llc purchased 58,988 shares of the business’s stock in a transaction on Monday, December 30th. The stock was bought at an average cost of $14.47 per share, for a total transaction of $853,556.36. Following the purchase, the director now owns 14,881,578 shares of the company’s stock, valued at approximately $215,336,433.66. This represents a 0.40 % increase in their position. The disclosure for this purchase can be found here.

Analysts Set New Price Targets

ZYME has been the subject of several recent research reports. JPMorgan Chase & Co. raised Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price objective for the company in a research report on Monday, December 16th. Leerink Partnrs raised shares of Zymeworks from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Citigroup lifted their target price on Zymeworks from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Wells Fargo & Company boosted their price target on Zymeworks from $12.00 to $14.00 and gave the company an “equal weight” rating in a research note on Thursday, December 19th. Finally, Leerink Partners upgraded Zymeworks from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $10.00 to $25.00 in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Zymeworks has a consensus rating of “Moderate Buy” and an average target price of $19.17.

Zymeworks Stock Performance

The stock has a market capitalization of $1.03 billion, a P/E ratio of -10.01 and a beta of 1.12. The business has a fifty day simple moving average of $14.43 and a 200-day simple moving average of $12.25.

Zymeworks (NYSE:ZYME) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($0.39) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.01. The firm had revenue of $16.00 million during the quarter, compared to analysts’ expectations of $17.90 million. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The business’s revenue was down 3.1% on a year-over-year basis. During the same period last year, the company earned ($0.41) earnings per share. On average, sell-side analysts anticipate that Zymeworks Inc. will post -1.43 earnings per share for the current year.

Hedge Funds Weigh In On Zymeworks

Several large investors have recently bought and sold shares of ZYME. FMR LLC grew its position in Zymeworks by 84.2% during the third quarter. FMR LLC now owns 3,336 shares of the company’s stock valued at $42,000 after buying an additional 1,525 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in shares of Zymeworks during the 3rd quarter valued at $47,000. Quest Partners LLC increased its stake in Zymeworks by 8,049.6% in the 2nd quarter. Quest Partners LLC now owns 9,209 shares of the company’s stock worth $78,000 after acquiring an additional 9,096 shares during the last quarter. nVerses Capital LLC bought a new position in shares of Zymeworks in the third quarter worth approximately $79,000. Finally, MQS Management LLC purchased a new stake in shares of Zymeworks during the 2nd quarter valued at $92,000. 92.89% of the stock is currently owned by institutional investors.

Zymeworks Company Profile

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.