Insider Selling: Zymeworks Inc. (NYSE:ZYME) CEO Sells 57,291 Shares of Stock

Zymeworks Inc. (NYSE:ZYME) CEO Kenneth Galbraith sold 57,291 shares of Zymeworks stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $14.92, for a total transaction of $854,781.72. Following the transaction, the chief executive officer now directly owns 47,543 shares of the company’s stock, valued at approximately $709,341.56. This trade represents a 54.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Zymeworks Price Performance

Shares of Zymeworks stock opened at $14.46 on Tuesday. The stock has a market capitalization of $995.98 million, a P/E ratio of -9.64 and a beta of 1.10. The business has a 50 day simple moving average of $14.46 and a two-hundred day simple moving average of $12.32. Zymeworks Inc. has a 12 month low of $7.97 and a 12 month high of $17.70.

Zymeworks (NYSE:ZYME) last posted its quarterly earnings data on Thursday, October 31st. The company reported ($0.39) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.01. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The firm had revenue of $16.00 million during the quarter, compared to the consensus estimate of $17.90 million. During the same period in the prior year, the company earned ($0.41) EPS. The firm’s revenue was down 3.1% compared to the same quarter last year. As a group, research analysts anticipate that Zymeworks Inc. will post -1.43 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently commented on ZYME shares. Stifel Nicolaus raised their price target on shares of Zymeworks from $21.00 to $28.00 and gave the company a “buy” rating in a research report on Monday, October 28th. JPMorgan Chase & Co. upgraded Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price target for the company in a research note on Monday, December 16th. Leerink Partners upgraded Zymeworks from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $10.00 to $25.00 in a research report on Thursday, November 7th. Leerink Partnrs raised Zymeworks from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 7th. Finally, HC Wainwright reaffirmed a “neutral” rating and set a $12.00 target price on shares of Zymeworks in a research note on Friday, November 22nd. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Zymeworks currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.17.

Hedge Funds Weigh In On Zymeworks

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

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.