Assenagon Asset Management S.A. Buys 80,612 Shares of Zymeworks Inc. $ZYME

Assenagon Asset Management S.A. boosted its stake in Zymeworks Inc. (NASDAQ:ZYME) by 12.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 727,986 shares of the company’s stock after buying an additional 80,612 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.99% of Zymeworks worth $18,229,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. AQR Capital Management LLC increased its position in shares of Zymeworks by 86.0% during the first quarter. AQR Capital Management LLC now owns 48,485 shares of the company’s stock valued at $577,000 after acquiring an additional 22,411 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Zymeworks by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,385 shares of the company’s stock valued at $386,000 after acquiring an additional 1,427 shares during the period. Jane Street Group LLC increased its position in Zymeworks by 487.0% in the first quarter. Jane Street Group LLC now owns 135,763 shares of the company’s stock worth $1,617,000 after buying an additional 112,636 shares during the last quarter. Creative Planning raised its stake in shares of Zymeworks by 114.8% in the second quarter. Creative Planning now owns 25,389 shares of the company’s stock valued at $319,000 after buying an additional 13,567 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Zymeworks by 1,050.0% in the second quarter. JPMorgan Chase & Co. now owns 441,690 shares of the company’s stock valued at $5,543,000 after buying an additional 403,281 shares during the period. 92.89% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on ZYME. Truist Financial set a $28.00 price objective on shares of Zymeworks and gave the stock a “buy” rating in a report on Tuesday, June 9th. Stifel Nicolaus upped their price target on shares of Zymeworks from $40.00 to $47.00 and gave the stock a “buy” rating in a report on Tuesday, March 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Zymeworks in a report on Monday, April 20th. Wells Fargo & Company lifted their price objective on shares of Zymeworks from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Finally, HC Wainwright reiterated a “buy” rating and issued a $46.00 target price on shares of Zymeworks in a research report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $36.67.

Zymeworks Trading Up 1.6%

NASDAQ ZYME opened at $24.15 on Friday. Zymeworks Inc. has a 12 month low of $11.51 and a 12 month high of $29.75. The stock has a market cap of $1.76 billion, a P/E ratio of -17.63 and a beta of 1.15. The stock’s fifty day moving average price is $25.11 and its 200-day moving average price is $24.73.

Zymeworks (NASDAQ:ZYME) last posted its quarterly earnings results on Tuesday, March 31st. The company reported ($0.59) earnings per share (EPS) for the quarter. The company had revenue of $2.41 million during the quarter. Zymeworks had a negative return on equity of 37.97% and a negative net margin of 126.92%. As a group, analysts forecast that Zymeworks Inc. will post 1.1 earnings per share for the current fiscal year.

Zymeworks announced that its Board of Directors has approved a stock repurchase plan on Thursday, May 14th that allows the company to buyback $125.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Zymeworks Profile

Zymeworks Inc is a clinical-stage biopharmaceutical company dedicated to the discovery, development and commercialization of next-generation multifunctional biotherapeutics. The company specializes in engineered antibody and protein therapeutics designed to address a range of unmet medical needs in oncology and other serious diseases. Through its proprietary platforms, Zymeworks aims to create novel bispecific and multispecific molecules that can simultaneously engage multiple targets and recruit immune effector functions to enhance potency and specificity.

At the core of Zymeworks’ innovation is its Azymetric™ bispecific antibody platform, which enables the design of asymmetrical bispecific antibodies with controlled assembly and high stability.