Renaissance Technologies LLC Raises Stock Position in Zymeworks Inc. (NYSE:ZYME)

Renaissance Technologies LLC increased its stake in Zymeworks Inc. (NYSE:ZYME) by 104.8% during the 2nd quarter, HoldingsChannel reports. The firm owned 236,781 shares of the company’s stock after buying an additional 121,181 shares during the period. Renaissance Technologies LLC’s holdings in Zymeworks were worth $2,015,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ZYME. AlphaMark Advisors LLC bought a new position in Zymeworks in the first quarter worth approximately $32,000. Quest Partners LLC raised its position in Zymeworks by 8,049.6% in the second quarter. Quest Partners LLC now owns 9,209 shares of the company’s stock worth $78,000 after acquiring an additional 9,096 shares during the period. Arizona State Retirement System raised its position in Zymeworks by 11.1% in the second quarter. Arizona State Retirement System now owns 12,841 shares of the company’s stock worth $109,000 after acquiring an additional 1,285 shares during the period. Tocqueville Asset Management L.P. bought a new position in Zymeworks in the first quarter worth approximately $117,000. Finally, Caprock Group LLC bought a new position in Zymeworks in the second quarter worth approximately $129,000. Hedge funds and other institutional investors own 92.89% of the company’s stock.

Zymeworks Price Performance

Shares of ZYME stock opened at $12.39 on Thursday. The company has a market capitalization of $876.03 million, a price-to-earnings ratio of -6.92 and a beta of 1.19. Zymeworks Inc. has a one year low of $6.01 and a one year high of $13.27. The company’s fifty day moving average price is $11.37 and its 200-day moving average price is $9.95.

Zymeworks (NYSE:ZYME) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.01. The company had revenue of $19.24 million for the quarter, compared to the consensus estimate of $23.16 million. Zymeworks had a negative net margin of 179.42% and a negative return on equity of 21.97%. During the same period in the previous year, the firm posted ($0.76) EPS. Equities research analysts expect that Zymeworks Inc. will post -0.85 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on ZYME. Stifel Nicolaus increased their price target on shares of Zymeworks from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. HC Wainwright raised their price objective on shares of Zymeworks from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Wednesday, September 25th.

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.