Zymeworks Inc. $ZYME Shares Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al reduced its stake in Zymeworks Inc. (NASDAQ:ZYME) by 50.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,935 shares of the company’s stock after selling 28,040 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Zymeworks were worth $736,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Kornitzer Capital Management Inc. KS purchased a new stake in shares of Zymeworks in the fourth quarter valued at $2,338,000. Pictet Asset Management Holding SA purchased a new stake in shares of Zymeworks in the fourth quarter valued at $1,966,000. UBS Group AG lifted its position in shares of Zymeworks by 437.9% in the fourth quarter. UBS Group AG now owns 278,854 shares of the company’s stock valued at $7,342,000 after acquiring an additional 227,013 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Zymeworks by 8.1% in the fourth quarter. Vanguard Group Inc. now owns 2,328,727 shares of the company’s stock valued at $61,315,000 after acquiring an additional 174,293 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH lifted its position in shares of Zymeworks by 7.8% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 32,815 shares of the company’s stock valued at $864,000 after acquiring an additional 2,383 shares in the last quarter. 92.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ZYME has been the topic of several recent research reports. Stifel Nicolaus upped their price objective on Zymeworks from $40.00 to $47.00 and gave the company a “buy” rating in a research report on Tuesday, March 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Zymeworks in a research report on Monday, April 20th. Wells Fargo & Company increased their target price on Zymeworks from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. Truist Financial upgraded Zymeworks to a “strong-buy” rating in a research report on Monday, April 27th. Finally, Leerink Partners increased their target price on Zymeworks from $52.00 to $58.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 3rd. 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’s stock. Based on data from MarketBeat, Zymeworks presently has an average rating of “Moderate Buy” and a consensus price target of $38.00.

Zymeworks Price Performance

Zymeworks stock opened at $23.93 on Monday. The stock’s 50-day moving average is $25.62 and its 200-day moving average is $24.32. The company has a market cap of $1.75 billion, a price-to-earnings ratio of -17.47 and a beta of 1.20. Zymeworks Inc. has a 12 month low of $11.02 and a 12 month high of $29.75.

Zymeworks (NASDAQ:ZYME) last released its quarterly earnings data on Tuesday, March 31st. The company reported ($0.59) EPS for the quarter. The firm had revenue of $2.41 million during the quarter. Zymeworks had a negative return on equity of 37.97% and a negative net margin of 126.92%. Research analysts anticipate that Zymeworks Inc. will post 1.64 EPS for the current year.

Zymeworks declared that its board has approved a share repurchase program on Thursday, May 14th that permits the company to repurchase $125.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Zymeworks Company 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.