Granahan Investment Management LLC Sells 35,452 Shares of Zymeworks Inc. $ZYME

Granahan Investment Management LLC lessened its stake in shares of Zymeworks Inc. (NASDAQ:ZYME) by 9.3% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 345,331 shares of the company’s stock after selling 35,452 shares during the quarter. Granahan Investment Management LLC’s holdings in Zymeworks were worth $5,898,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Brevan Howard Capital Management LP boosted its holdings in shares of Zymeworks by 36.6% during the 3rd quarter. Brevan Howard Capital Management LP now owns 14,518 shares of the company’s stock worth $248,000 after buying an additional 3,890 shares during the period. Boothbay Fund Management LLC bought a new position in Zymeworks in the 3rd quarter valued at about $559,000. Algert Global LLC raised its holdings in Zymeworks by 76.1% in the 3rd quarter. Algert Global LLC now owns 207,926 shares of the company’s stock valued at $3,551,000 after acquiring an additional 89,822 shares during the period. Ameriprise Financial Inc. acquired a new stake in Zymeworks during the third quarter worth approximately $1,297,000. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in Zymeworks during the third quarter worth approximately $1,841,000. Institutional investors own 92.89% of the company’s stock.

Insider Buying and Selling

In other Zymeworks news, EVP Jeffrey T. L. Smith sold 10,538 shares of Zymeworks stock in a transaction on Monday, January 5th. The stock was sold at an average price of $25.10, for a total value of $264,503.80. Following the completion of the transaction, the executive vice president directly owned 18,352 shares of the company’s stock, valued at $460,635.20. The trade was a 36.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Mark Hollywood sold 6,120 shares of Zymeworks stock in a transaction on Monday, January 12th. The shares were sold at an average price of $22.67, for a total value of $138,740.40. Following the completion of the transaction, the chief operating officer directly owned 132,913 shares of the company’s stock, valued at $3,013,137.71. This represents a 4.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 187,933 shares of company stock worth $4,673,716 in the last quarter. Insiders own 33.51% of the company’s stock.

Zymeworks Stock Down 1.5%

Shares of NASDAQ:ZYME opened at $22.88 on Monday. Zymeworks Inc. has a 12-month low of $9.03 and a 12-month high of $28.49. The company’s 50 day moving average price is $23.49 and its two-hundred day moving average price is $21.50. The firm has a market cap of $1.69 billion, a PE ratio of -21.18 and a beta of 1.23.

Zymeworks (NASDAQ:ZYME) last released its quarterly earnings results on Monday, March 2nd. The company reported ($0.55) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.20). The business had revenue of $2.52 million during the quarter, compared to analyst estimates of $21.78 million. Zymeworks had a negative net margin of 76.56% and a negative return on equity of 26.00%. The firm’s quarterly revenue was down 91.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.31) earnings per share.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. HC Wainwright upped their target price on Zymeworks from $32.00 to $46.00 and gave the company a “buy” rating in a research report on Friday, March 6th. Leerink Partners boosted their price target on Zymeworks from $52.00 to $58.00 and gave the company an “outperform” rating in a research note on Tuesday, March 3rd. Truist Financial assumed coverage on Zymeworks in a research note on Wednesday, December 17th. They issued a “buy” rating and a $40.00 price target for the company. Stifel Nicolaus increased their price objective on Zymeworks from $40.00 to $47.00 and gave the stock a “buy” rating in a research report on Tuesday, March 3rd. Finally, Wells Fargo & Company raised Zymeworks from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $25.00 to $33.00 in a report on Friday, December 12th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $37.89.

Zymeworks Profile

Zymeworks Inc is a clinical-stage biopharmaceutical company dedicated to the discovery, development and commercialization of next-generation multifunctional biotherapeutics. The company specializes in engineered antibody and protein therapeutics designed to address a range of unmet medical needs in oncology and other serious diseases. Through its proprietary platforms, Zymeworks aims to create novel bispecific and multispecific molecules that can simultaneously engage multiple targets and recruit immune effector functions to enhance potency and specificity.

At the core of Zymeworks’ innovation is its Azymetric™ bispecific antibody platform, which enables the design of asymmetrical bispecific antibodies with controlled assembly and high stability.