Zymeworks Inc. (NYSE:ZYME) Receives $21.00 Consensus Price Target from Brokerages

Zymeworks Inc. (NYSE:ZYME) has been assigned a consensus rating of “Moderate Buy” from the eight brokerages that are presently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $21.00.

A number of research analysts recently issued reports on ZYME shares. Citigroup boosted their price objective on Zymeworks from $18.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, March 7th. Wells Fargo & Company boosted their price objective on Zymeworks from $12.00 to $14.00 and gave the company an “equal weight” rating in a research note on Thursday, December 19th. Lifesci Capital initiated coverage on Zymeworks in a research note on Tuesday, March 11th. They set an “outperform” rating and a $30.00 price objective for the company. JPMorgan Chase & Co. upgraded Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 target price for the company in a research report on Monday, December 16th. Finally, HC Wainwright increased their target price on Zymeworks from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Monday, March 10th.

Zymeworks Trading Down 2.4 %

Shares of NYSE:ZYME opened at $12.25 on Thursday. The stock has a 50 day moving average of $13.86 and a 200 day moving average of $13.66. The company has a market cap of $852.32 million, a PE ratio of -8.17 and a beta of 1.13. Zymeworks has a 12-month low of $7.97 and a 12-month high of $17.70.

Insider Buying and Selling at Zymeworks

In other Zymeworks news, Director Ecor1 Capital, Llc purchased 468,356 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The shares were bought at an average price of $12.48 per share, with a total value of $5,845,082.88. Following the completion of the purchase, the director now directly owns 16,802,141 shares in the company, valued at $209,690,719.68. This trade represents a 2.87 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Kenneth Galbraith sold 57,291 shares of the company’s stock in a transaction 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 sale, the chief executive officer now directly owns 47,543 shares in the company, valued at approximately $709,341.56. The trade was a 54.65 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders bought 1,392,585 shares of company stock worth $17,914,519 and sold 89,601 shares worth $1,336,847. 1.92% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Zymeworks

A number of hedge funds have recently bought and sold shares of ZYME. Blackstone Inc. raised its stake in Zymeworks by 2,171.4% during the fourth quarter. Blackstone Inc. now owns 569,715 shares of the company’s stock valued at $8,341,000 after purchasing an additional 544,633 shares in the last quarter. Walleye Capital LLC bought a new stake in Zymeworks in the fourth quarter worth $6,629,000. Schroder Investment Management Group bought a new stake in Zymeworks in the fourth quarter worth $4,892,000. Assenagon Asset Management S.A. lifted its position in Zymeworks by 93.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 642,251 shares of the company’s stock worth $9,403,000 after buying an additional 311,107 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its position in Zymeworks by 565.8% in the fourth quarter. Point72 Asset Management L.P. now owns 330,127 shares of the company’s stock worth $4,833,000 after buying an additional 280,544 shares during the last quarter. 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.