Zymeworks Inc. $ZYME Shares Sold by Granahan Investment Management LLC

Granahan Investment Management LLC cut its stake in shares of Zymeworks Inc. (NASDAQ:ZYME) by 35.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 224,408 shares of the company’s stock after selling 120,923 shares during the quarter. Granahan Investment Management LLC owned approximately 0.30% of Zymeworks worth $5,909,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Optiver Holding B.V. acquired a new position in shares of Zymeworks during the third quarter worth about $26,000. Caitong International Asset Management Co. Ltd purchased a new stake in Zymeworks during the fourth quarter worth approximately $55,000. Quarry LP purchased a new stake in Zymeworks during the third quarter worth approximately $50,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Zymeworks by 25.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,637 shares of the company’s stock worth $96,000 after purchasing an additional 731 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its stake in Zymeworks by 29.6% during the second quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company’s stock worth $62,000 after purchasing an additional 1,131 shares during the last quarter. 92.89% of the stock is owned by institutional investors and hedge funds.

Zymeworks Trading Down 3.3%

Shares of NASDAQ ZYME opened at $22.49 on Wednesday. Zymeworks Inc. has a twelve month low of $11.51 and a twelve month high of $29.75. The stock has a 50 day moving average of $25.60 and a two-hundred day moving average of $24.87. The stock has a market cap of $1.64 billion, a P/E ratio of -16.42 and a beta of 1.15.

Zymeworks (NASDAQ:ZYME) last issued its quarterly earnings data on Tuesday, March 31st. The company reported ($0.59) earnings per share for the quarter. Zymeworks had a negative net margin of 126.92% and a negative return on equity of 37.97%. The firm had revenue of $2.41 million during the quarter. As a group, research analysts predict that Zymeworks Inc. will post 1.1 earnings per share for the current year.

Zymeworks announced that its Board of Directors has authorized a share buyback plan on Thursday, May 14th that permits the company to repurchase $125.00 million in shares. This repurchase authorization permits the company to buy up to 7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

ZYME has been the subject of several recent analyst reports. Stifel Nicolaus boosted their target price on Zymeworks from $40.00 to $47.00 and gave the stock a “buy” rating in a research note on Tuesday, March 3rd. Truist Financial set a $28.00 target price on Zymeworks and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Leerink Partners boosted their target price on Zymeworks from $52.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 3rd. Wells Fargo & Company boosted their target price on Zymeworks from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. Finally, HC Wainwright restated a “buy” rating and set a $46.00 target price on shares of Zymeworks in a research note on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Zymeworks currently has an average rating of “Moderate Buy” and a consensus price target of $36.67.

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.