Zymeworks (NYSE:ZYME) Trading 4.2% Higher After Insider Buying Activity

Zymeworks Inc. (NYSE:ZYME)’s share price rose 4.2% during mid-day trading on Tuesday following insider buying activity. The stock traded as high as $12.22 and last traded at $12.32. Approximately 24,363 shares were traded during mid-day trading, a decline of 96% from the average daily volume of 596,591 shares. The stock had previously closed at $11.82.

Specifically, Director Ecor1 Capital, Llc bought 5,919 shares of the business’s stock in a transaction that occurred on Monday, May 19th. The stock was purchased at an average price of $11.78 per share, with a total value of $69,725.82. Following the purchase, the director now owns 17,883,908 shares of the company’s stock, valued at $210,672,436.24. This trade represents a 0.03% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ecor1 Capital, Llc bought 49,502 shares of the business’s stock in a transaction that occurred on Thursday, May 15th. The stock was purchased at an average cost of $11.43 per share, with a total value of $565,807.86. Following the purchase, the director now directly owns 17,877,989 shares in the company, valued at $204,345,414.27. The trade was a 0.28% increase in their position. The disclosure for this purchase can be found here.

Analyst Ratings Changes

ZYME has been the subject of several analyst reports. Citigroup boosted their target price on shares of Zymeworks from $18.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, March 7th. TD Cowen began coverage on shares of Zymeworks in a research note on Tuesday. They set a “buy” rating for the company. TD Securities began coverage on shares of Zymeworks in a research note on Tuesday. They set a “buy” rating for the company. Lifesci Capital began coverage on shares of Zymeworks in a research note on Tuesday, March 11th. They set an “outperform” rating and a $30.00 price objective for the company. Finally, HC Wainwright upped their price objective on shares of Zymeworks from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, March 10th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Zymeworks has an average rating of “Moderate Buy” and a consensus target price of $21.00.

Zymeworks Stock Performance

The firm has a market cap of $864.84 million, a PE ratio of -8.29 and a beta of 1.24. The stock has a fifty day moving average price of $11.80 and a 200-day moving average price of $13.37.

Zymeworks (NYSE:ZYME) last issued its earnings results on Thursday, May 8th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.15. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The business had revenue of $27.11 million during the quarter, compared to analysts’ expectations of $20.65 million. During the same quarter in the previous year, the business earned ($0.42) EPS. The company’s revenue for the quarter was up 170.3% on a year-over-year basis. As a group, equities analysts predict that Zymeworks Inc. will post -1.39 earnings per share for the current fiscal year.

Institutional Trading of Zymeworks

Institutional investors have recently modified their holdings of the company. Barclays PLC grew its holdings in shares of Zymeworks by 476.3% during the 3rd quarter. Barclays PLC now owns 154,384 shares of the company’s stock worth $1,937,000 after purchasing an additional 127,595 shares during the period. MetLife Investment Management LLC boosted its holdings in Zymeworks by 6.4% in the 4th quarter. MetLife Investment Management LLC now owns 33,946 shares of the company’s stock worth $497,000 after acquiring an additional 2,053 shares during the period. Rhumbline Advisers boosted its holdings in Zymeworks by 18.1% in the 4th quarter. Rhumbline Advisers now owns 103,876 shares of the company’s stock worth $1,521,000 after acquiring an additional 15,920 shares during the period. Raymond James Financial Inc. purchased a new position in Zymeworks in the 4th quarter worth approximately $888,000. Finally, Legal & General Group Plc boosted its holdings in Zymeworks by 5.8% in the 4th quarter. Legal & General Group Plc now owns 47,082 shares of the company’s stock worth $689,000 after acquiring an additional 2,590 shares during the period. Hedge funds and other institutional investors own 92.89% of the company’s stock.

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.