Bank of New York Mellon Corp Trims Stake in Zymeworks Inc. (NYSE:ZYME)

Bank of New York Mellon Corp cut its position in Zymeworks Inc. (NYSE:ZYME) by 51.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 120,683 shares of the company’s stock after selling 129,308 shares during the period. Bank of New York Mellon Corp’s holdings in Zymeworks were worth $1,767,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC boosted its position in shares of Zymeworks by 84.2% during the third quarter. FMR LLC now owns 3,336 shares of the company’s stock worth $42,000 after acquiring an additional 1,525 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Zymeworks by 42.7% in the 4th quarter. New York State Common Retirement Fund now owns 13,371 shares of the company’s stock worth $196,000 after acquiring an additional 4,000 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Zymeworks by 6.9% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 14,605 shares of the company’s stock worth $214,000 after acquiring an additional 940 shares during the last quarter. Intech Investment Management LLC bought a new stake in shares of Zymeworks in the 3rd quarter worth about $266,000. Finally, SG Americas Securities LLC lifted its holdings in shares of Zymeworks by 30.4% in the 4th quarter. SG Americas Securities LLC now owns 26,782 shares of the company’s stock worth $392,000 after acquiring an additional 6,239 shares during the last quarter. 92.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on ZYME. HC Wainwright raised their price target on shares of Zymeworks from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Monday, March 10th. Wells Fargo & Company raised their target price 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. Lifesci Capital began coverage on shares of Zymeworks in a research report on Tuesday, March 11th. They set an “outperform” rating and a $30.00 target price on the stock. JPMorgan Chase & Co. raised shares of Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 target price on the stock in a research report on Monday, December 16th. Finally, Citigroup raised their target price on shares of Zymeworks from $18.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, March 7th. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $21.00.

Zymeworks Stock Down 1.6 %

ZYME stock opened at $12.72 on Friday. The firm has a 50 day moving average of $13.72 and a 200 day moving average of $13.70. The stock has a market capitalization of $885.02 million, a PE ratio of -8.48 and a beta of 1.13. Zymeworks Inc. has a 52 week low of $7.97 and a 52 week high of $17.70.

Insider Buying and Selling

In other news, CEO Kenneth Galbraith sold 57,291 shares of Zymeworks stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $14.92, for a total transaction of $854,781.72. Following the completion of the transaction, the chief executive officer now directly owns 47,543 shares of the company’s stock, valued at $709,341.56. The trade was a 54.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ecor1 Capital, Llc bought 58,306 shares of the business’s stock in a transaction dated Wednesday, March 19th. The shares were purchased at an average cost of $12.64 per share, with a total value of $736,987.84. Following the completion of the acquisition, the director now owns 17,030,604 shares in the company, valued at approximately $215,266,834.56. This represents a 0.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders purchased 1,507,168 shares of company stock worth $19,339,774 and sold 89,601 shares worth $1,336,847. 1.92% of the stock is owned by company insiders.

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.