Assenagon Asset Management S.A. Cuts Position in Zymeworks Inc. (NYSE:ZYME)

Assenagon Asset Management S.A. lessened its position in shares of Zymeworks Inc. (NYSE:ZYME) by 22.9% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 495,067 shares of the company’s stock after selling 147,184 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Zymeworks were worth $5,896,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Sterling Capital Management LLC lifted its stake in shares of Zymeworks by 781.5% in the 4th quarter. Sterling Capital Management LLC now owns 1,719 shares of the company’s stock valued at $25,000 after purchasing an additional 1,524 shares during the last quarter. AlphaQuest LLC lifted its stake in shares of Zymeworks by 480.2% during the 4th quarter. AlphaQuest LLC now owns 2,808 shares of the company’s stock worth $41,000 after acquiring an additional 2,324 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Zymeworks by 1,113.3% during the 1st quarter. GAMMA Investing LLC now owns 6,467 shares of the company’s stock worth $77,000 after acquiring an additional 5,934 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in shares of Zymeworks during the 4th quarter worth approximately $108,000. Finally, Tower Research Capital LLC TRC lifted its stake in shares of Zymeworks by 343.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 9,704 shares of the company’s stock worth $142,000 after acquiring an additional 7,518 shares during the last quarter. Hedge funds and other institutional investors own 92.89% of the company’s stock.

Insider Buying and Selling

In other Zymeworks news, Director Ecor1 Capital, Llc bought 73,953 shares of the stock in a transaction dated Wednesday, April 16th. The stock was bought at an average cost of $11.16 per share, for a total transaction of $825,315.48. Following the completion of the purchase, the director now directly owns 17,773,727 shares of the company’s stock, valued at approximately $198,354,793.32. The trade was a 0.42% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders have bought 616,722 shares of company stock valued at $7,243,221. 1.92% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ZYME shares. HC Wainwright upped their target price on Zymeworks from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Monday, March 10th. TD Cowen assumed coverage on Zymeworks in a research report on Tuesday, May 20th. They set a “buy” rating on the stock. TD Securities assumed coverage on Zymeworks in a research report on Tuesday, May 20th. They set a “buy” rating on the stock. Citigroup raised their price objective on Zymeworks from $18.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, March 7th. Finally, Lifesci Capital began coverage on Zymeworks in a research note on Tuesday, March 11th. They issued an “outperform” rating and a $30.00 price target for the company. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.00.

Zymeworks Stock Performance

NYSE:ZYME opened at $12.67 on Friday. The stock has a 50-day simple moving average of $11.80 and a 200-day simple moving average of $12.95. The stock has a market cap of $881.54 million, a P/E ratio of -8.45 and a beta of 1.17. Zymeworks Inc. has a 1 year low of $8.21 and a 1 year high of $17.70.

Zymeworks (NYSE:ZYME) last issued its earnings results on Thursday, May 8th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company’s revenue for the quarter was up 170.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.42) EPS. On average, equities research analysts predict that Zymeworks Inc. will post -1.39 EPS for the current year.

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.