Zymeworks (NYSE:ZYME) Price Target Raised to $19.00

Zymeworks (NYSE:ZYME) had its price objective increased by Citigroup from $18.00 to $19.00 in a research report released on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

ZYME has been the subject of several other reports. HC Wainwright reiterated a “neutral” rating and issued a $12.00 target price on shares of Zymeworks in a research report on Friday, November 22nd. JPMorgan Chase & Co. raised Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price objective for the company in a research note on Monday, December 16th. Leerink Partnrs upgraded shares of Zymeworks from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Wells Fargo & Company upped their price target on shares of Zymeworks from $12.00 to $14.00 and gave the company an “equal weight” rating in a research report on Thursday, December 19th. Finally, Leerink Partners raised shares of Zymeworks from a “market perform” rating to an “outperform” rating and raised their price target for the company from $10.00 to $25.00 in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $19.33.

Zymeworks Stock Performance

Shares of NYSE:ZYME opened at $12.00 on Friday. Zymeworks has a 52-week low of $7.97 and a 52-week high of $17.70. The company has a market capitalization of $834.92 million, a PE ratio of -8.00 and a beta of 1.13. The company has a fifty day moving average of $14.14 and a 200-day moving average of $13.66.

Insiders Place Their Bets

In related news, CEO Kenneth Galbraith sold 57,291 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $14.92, for a total transaction of $854,781.72. Following the completion of the sale, the chief executive officer now owns 47,543 shares of the company’s stock, valued at $709,341.56. This trade represents a 54.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ecor1 Capital, Llc bought 19,748 shares of the stock in a transaction on Friday, January 17th. The stock was acquired at an average price of $13.87 per share, with a total value of $273,904.76. Following the completion of the acquisition, the director now owns 15,720,161 shares of the company’s stock, valued at $218,038,633.07. This represents a 0.13 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 603,539 shares of company stock worth $8,384,708 and sold 89,601 shares worth $1,336,847. Company insiders own 1.92% of the company’s stock.

Institutional Trading of Zymeworks

Several large investors have recently modified their holdings of the stock. Sterling Capital Management LLC lifted its position in shares of Zymeworks by 781.5% during the 4th quarter. Sterling Capital Management LLC now owns 1,719 shares of the company’s stock valued at $25,000 after acquiring an additional 1,524 shares during the period. AlphaQuest LLC boosted its position 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 purchasing an additional 2,324 shares in the last quarter. FMR LLC grew its stake in shares of Zymeworks by 84.2% in the 3rd quarter. FMR LLC now owns 3,336 shares of the company’s stock valued at $42,000 after buying an additional 1,525 shares during the period. BNP Paribas Financial Markets acquired a new stake in shares of Zymeworks in the 4th quarter valued at about $108,000. Finally, Tower Research Capital LLC TRC increased its position in Zymeworks by 343.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 9,704 shares of the company’s stock valued at $142,000 after buying an additional 7,518 shares in the last quarter. Institutional investors and hedge funds own 92.89% of the company’s stock.

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.