Insider Selling: Zymeworks (NYSE:ZYME) CEO Sells $689,712.08 in Stock

Zymeworks Inc. (NYSE:ZYME) CEO Kenneth Galbraith sold 30,424 shares of the business’s stock in a transaction on Monday, January 12th. The shares were sold at an average price of $22.67, for a total transaction of $689,712.08. Following the transaction, the chief executive officer owned 226,842 shares of the company’s stock, valued at $5,142,508.14. This trade represents a 11.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Kenneth Galbraith also recently made the following trade(s):

• On Monday, January 5th, Kenneth Galbraith sold 54,343 shares of Zymeworks stock. The stock was sold at an average price of $25.10, for a total value of $1,364,009.30.
• On Monday, December 22nd, Kenneth Galbraith sold 47,528 shares of Zymeworks stock. The shares were sold at an average price of $27.02, for a total value of $1,284,206.56.

Zymeworks Stock Up 2.9%

Shares of NYSE ZYME opened at $24.62 on Thursday. The firm has a market capitalization of $1.84 billion, a P/E ratio of -16.41 and a beta of 1.30. The stock’s 50-day simple moving average is $24.57 and its two-hundred day simple moving average is $18.54. Zymeworks Inc. has a twelve month low of $9.03 and a twelve month high of $28.49.

Zymeworks (NYSE:ZYME) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.26) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.02. The company had revenue of $27.61 million during the quarter, compared to analyst estimates of $33.69 million. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%.Zymeworks’s revenue was up 72.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.39) earnings per share. As a group, research analysts anticipate that Zymeworks Inc. will post -1.39 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ZYME. Optiver Holding B.V. purchased a new stake in Zymeworks during the 3rd quarter valued at about $26,000. Quarry LP purchased a new stake in shares of Zymeworks during the third quarter valued at approximately $50,000. Tower Research Capital LLC TRC boosted its stake in shares of Zymeworks by 29.6% during the second quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company’s stock valued at $62,000 after purchasing an additional 1,131 shares during the period. CWM LLC grew its holdings in shares of Zymeworks by 272.8% in the second quarter. CWM LLC now owns 8,570 shares of the company’s stock worth $108,000 after purchasing an additional 6,271 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its stake in shares of Zymeworks by 157.7% in the second quarter. BNP Paribas Financial Markets now owns 10,307 shares of the company’s stock worth $129,000 after buying an additional 6,307 shares during the period. Hedge funds and other institutional investors own 92.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ZYME shares. Citizens Jmp started coverage on shares of Zymeworks in a research report on Wednesday, December 3rd. They set a “market outperform” rating and a $32.00 price objective on the stock. Citigroup started coverage on Zymeworks in a research report on Wednesday, December 3rd. They set an “outperform” rating on the stock. Wells Fargo & Company upgraded Zymeworks from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $25.00 to $33.00 in a report on Friday, December 12th. Truist Financial began coverage on Zymeworks in a research report on Wednesday, December 17th. They set a “buy” rating and a $40.00 price objective on the stock. Finally, HC Wainwright boosted their target price on Zymeworks from $26.00 to $32.00 and gave the stock a “buy” rating in a research report on Tuesday, November 18th. Eleven analysts have rated the stock with a Buy rating, According to MarketBeat.com, Zymeworks has a consensus rating of “Buy” and a consensus price target of $32.82.

Zymeworks Company Profile

Zymeworks Inc is a clinical-stage biopharmaceutical company headquartered in Vancouver, British Columbia, with a focus on the discovery, development and commercialization of multifunctional biotherapeutics. Founded in 2003, the company applies proprietary protein engineering platforms to create novel antibody and protein-based therapies targeting oncology and other serious diseases. Zymeworks is publicly traded on the New York Stock Exchange under the symbol ZYME.

The company’s core technology platforms include Azymetric®, which enables the design of bispecific antibodies capable of engaging two distinct targets simultaneously, and the EFECT™ platform for fine-tuning antibody-drug conjugate properties.