Insider Buying: Zymeworks Inc. (NYSE:ZYME) Director Buys $2,333,466.40 in Stock

Zymeworks Inc. (NYSE:ZYME) Director Ecor1 Capital, Llc purchased 157,880 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were purchased at an average price of $14.78 per share, for a total transaction of $2,333,466.40. Following the completion of the acquisition, the director now owns 15,185,959 shares of the company’s stock, valued at $224,448,474.02. The trade was a 1.05 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Ecor1 Capital, Llc also recently made the following trade(s):

• On Monday, December 30th, Ecor1 Capital, Llc bought 58,988 shares of Zymeworks stock. The stock was acquired at an average price of $14.47 per share, for a total transaction of $853,556.36.
• On Tuesday, December 24th, Ecor1 Capital, Llc purchased 11,958 shares of Zymeworks stock. The shares were acquired at an average cost of $14.12 per share, with a total value of $168,846.96.
• On Thursday, December 26th, Ecor1 Capital, Llc purchased 16,692 shares of Zymeworks stock. The shares were acquired at an average price of $14.38 per share, for a total transaction of $240,030.96.

Zymeworks Stock Performance

NYSE:ZYME opened at $15.01 on Friday. Zymeworks Inc. has a 52-week low of $7.97 and a 52-week high of $17.70. The stock has a fifty day moving average of $14.43 and a 200 day moving average of $12.25. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of -10.01 and a beta of 1.12.

Zymeworks (NYSE:ZYME) last issued its quarterly earnings results 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 the consensus estimate of $17.90 million. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter last year, the company posted ($0.41) EPS. Equities analysts forecast that Zymeworks Inc. will post -1.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Zymeworks

A number of hedge funds and other institutional investors have recently bought and sold shares of ZYME. Bank of New York Mellon Corp grew its position in Zymeworks by 5.0% in the second quarter. Bank of New York Mellon Corp now owns 309,703 shares of the company’s stock worth $2,636,000 after acquiring an additional 14,825 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Zymeworks by 18.0% in the 2nd quarter. Principal Financial Group Inc. now owns 30,642 shares of the company’s stock worth $261,000 after purchasing an additional 4,671 shares in the last quarter. Rhumbline Advisers increased its position in shares of Zymeworks by 9.0% during the 2nd quarter. Rhumbline Advisers now owns 86,912 shares of the company’s stock valued at $740,000 after purchasing an additional 7,210 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Zymeworks by 23.5% during the 2nd quarter. Victory Capital Management Inc. now owns 58,300 shares of the company’s stock valued at $496,000 after buying an additional 11,100 shares in the last quarter. Finally, Arizona State Retirement System lifted its position in Zymeworks by 11.1% in the 2nd quarter. Arizona State Retirement System now owns 12,841 shares of the company’s stock worth $109,000 after buying an additional 1,285 shares during the last quarter. Hedge funds and other institutional investors own 92.89% of the company’s stock.

Analyst Ratings Changes

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

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.