Zymeworks Sees Unusually Large Options Volume (NYSE:ZYME)

Posted by AM Reporter Staff on Jan 24th, 2023

Zymeworks Inc. (NYSE:ZYME – Get Rating) was the recipient of some unusual options trading activity on Monday. Stock traders bought 2,561 put options on the company. This represents an increase of 273% compared to the average volume of 686 put options.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ZYME shares. Barclays upped their target price on shares of Zymeworks from $7.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 22nd. HC Wainwright cut their price objective on shares of Zymeworks from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Wednesday, January 4th. SVB Leerink increased their price objective on shares of Zymeworks from $8.00 to $10.00 and gave the company a “market perform” rating in a report on Friday. Wells Fargo & Company lowered their target price on shares of Zymeworks from $45.00 to $9.00 and set an “overweight” rating for the company in a research note on Tuesday, October 4th. Finally, Stifel Nicolaus lowered their price objective on shares of Zymeworks from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, October 24th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $14.40.

Insider Buying and Selling at Zymeworks

In other news, major shareholder Ecor1 Capital, Llc purchased 144,100 shares of Zymeworks stock in a transaction on Thursday, January 19th. The shares were purchased at an average cost of $9.49 per share, for a total transaction of $1,367,509.00. Following the completion of the transaction, the insider now directly owns 9,724,073 shares in the company, valued at $92,281,452.77. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have bought a total of 1,846,200 shares of company stock worth $16,073,510 over the last ninety days. Corporate insiders own 1.63% of the company’s stock.

Hedge Funds Weigh In On Zymeworks

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quantbot Technologies LP purchased a new position in shares of Zymeworks in the 1st quarter worth about $42,000. First Republic Investment Management Inc. purchased a new stake in Zymeworks during the first quarter valued at about $66,000. Lazard Asset Management LLC purchased a new stake in Zymeworks during the first quarter valued at about $66,000. ExodusPoint Capital Management LP purchased a new stake in Zymeworks during the third quarter valued at about $68,000. Finally, Envestnet Asset Management Inc. purchased a new stake in shares of Zymeworks in the second quarter worth about $62,000. 88.28% of the stock is owned by hedge funds and other institutional investors.

Zymeworks Stock Down 5.9 %

Zymeworks stock opened at $9.41 on Tuesday. The company has a market capitalization of $592.86 million, a PE ratio of -2.46 and a beta of 1.09. The firm’s fifty day moving average is $7.92 and its 200 day moving average is $6.82. Zymeworks has a 12-month low of $4.11 and a 12-month high of $11.19.

Zymeworks (NYSE:ZYME – Get Rating) last announced its quarterly earnings results on Tuesday, November 8th. The company reported ($0.72) EPS for the quarter, beating analysts’ consensus estimates of ($0.94) by $0.22. Zymeworks had a negative net margin of 751.00% and a negative return on equity of 89.24%. The business had revenue of $2.63 million during the quarter, compared to analyst estimates of $4.74 million. Sell-side analysts expect that Zymeworks will post 1.48 EPS for the current fiscal year.

Zymeworks Company Profile

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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 novel bispecific antibody that is in Phase 1 and Phase 2 clinical trials for the treatment of biliary tract, gastroesophageal adenocarcinomas, breast, and colorectal cancer; and ZW49, a biparatopic anti-human epidermal growth factor receptor 2 (HER2) antibody-drug conjugate that is in Phase 1 clinical trial for the treatment of advanced or metastatic HER2-expressing tumors.