Norges Bank Invests $2.95 Million in Zymeworks Inc. (NYSE:ZYME)

Norges Bank acquired a new position in shares of Zymeworks Inc. (NYSE:ZYME) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 201,700 shares of the company’s stock, valued at approximately $2,953,000.

Several other hedge funds have also recently added to or reduced their stakes in the stock. AlphaQuest LLC grew 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 buying an additional 2,324 shares during the period. FMR LLC boosted its stake in Zymeworks by 84.2% during the 3rd 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. KLP Kapitalforvaltning AS acquired a new position in Zymeworks during the fourth quarter valued at approximately $151,000. New York State Common Retirement Fund increased its stake in Zymeworks by 42.7% in the fourth quarter. New York State Common Retirement Fund now owns 13,371 shares of the company’s stock valued at $196,000 after purchasing an additional 4,000 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its holdings in Zymeworks by 19.2% in the fourth quarter. Teacher Retirement System of Texas now owns 13,743 shares of the company’s stock worth $201,000 after purchasing an additional 2,216 shares during the period. Institutional investors and hedge funds own 92.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ZYME. JPMorgan Chase & Co. raised shares of Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price target for the company in a report on Monday, December 16th. Lifesci Capital began coverage on Zymeworks in a research note on Tuesday, March 11th. They issued an “outperform” rating and a $30.00 target price for the company. Wells Fargo & Company raised their price target on Zymeworks from $12.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 19th. HC Wainwright lifted their price objective on Zymeworks from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Monday, March 10th. Finally, Citigroup increased their target price on Zymeworks from $18.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $21.00.

Zymeworks Stock Performance

NYSE:ZYME opened at $9.44 on Friday. The stock has a 50-day simple moving average of $12.75 and a 200 day simple moving average of $13.58. Zymeworks Inc. has a 52-week low of $7.97 and a 52-week high of $17.70. The company has a market cap of $656.81 million, a PE ratio of -6.29 and a beta of 1.18.

Insiders Place Their Bets

In other Zymeworks news, Director Ecor1 Capital, Llc purchased 196,438 shares of the stock in a transaction on Friday, April 4th. The shares were purchased at an average cost of $11.17 per share, for a total transaction of $2,194,212.46. Following the purchase, the director now owns 17,699,774 shares of the company’s stock, valued at approximately $197,706,475.58. This represents a 1.12 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders bought a total of 1,409,296 shares of company stock valued at $17,125,418 in the last quarter. 1.92% of the stock is currently owned by insiders.

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.