Principal Financial Group Inc. purchased a new stake in Zymeworks Inc. (NASDAQ:ZYME – Free Report) during the 1st quarter, Holdings Channel reports. The institutional investor purchased 78,547 shares of the company’s stock, valued at approximately $1,967,000.
Other institutional investors have also recently added to or reduced their stakes in the company. Rubric Capital Management LP boosted its stake in Zymeworks by 22.1% during the 4th quarter. Rubric Capital Management LP now owns 5,750,000 shares of the company’s stock valued at $151,398,000 after acquiring an additional 1,039,449 shares during the last quarter. Perceptive Advisors LLC increased its position in shares of Zymeworks by 56.0% in the 4th quarter. Perceptive Advisors LLC now owns 3,261,850 shares of the company’s stock worth $85,885,000 after purchasing an additional 1,171,187 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Zymeworks by 8.1% in the 4th quarter. Vanguard Group Inc. now owns 2,328,727 shares of the company’s stock valued at $61,315,000 after purchasing an additional 174,293 shares in the last quarter. Vestal Point Capital LP raised its stake in shares of Zymeworks by 53.5% in the 3rd quarter. Vestal Point Capital LP now owns 1,765,000 shares of the company’s stock valued at $30,146,000 after purchasing an additional 615,000 shares in the last quarter. Finally, Siren L.L.C. bought a new position in shares of Zymeworks during the fourth quarter worth about $44,238,000. 92.89% of the stock is owned by institutional investors and hedge funds.
Zymeworks Stock Performance
Zymeworks stock opened at $22.71 on Friday. The firm’s 50-day moving average is $24.30 and its 200-day moving average is $24.50. Zymeworks Inc. has a 1 year low of $11.51 and a 1 year high of $29.75. The company has a market cap of $1.66 billion, a P/E ratio of -16.58 and a beta of 1.13.
Zymeworks declared that its board has approved a stock buyback plan on Thursday, May 14th that authorizes the company to buyback $125.00 million in shares. This buyback authorization authorizes the company to purchase up to 7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.
Analyst Ratings Changes
A number of equities analysts recently commented on the company. HC Wainwright reiterated a “buy” rating and issued a $46.00 price target on shares of Zymeworks in a research note on Wednesday, June 3rd. Truist Financial upped their price objective on Zymeworks from $28.00 to $31.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Citigroup reaffirmed a “buy” rating on shares of Zymeworks in a report on Tuesday, June 30th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Zymeworks in a research report on Friday, July 17th. Finally, Wells Fargo & Company boosted their price target on Zymeworks from $34.00 to $37.00 and gave the company an “overweight” rating in a report on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $37.33.
Get Our Latest Analysis on ZYME
About Zymeworks
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.
Read More
- Five stocks we like better than Zymeworks
- Microsoft Just Flipped the AI Spending Narrative Overnight
- Qualcomm’s Turnaround Is Working, So Why Is Wall Street Selling?
- Meta’s Earnings Show Why Wall Street Is Losing Patience With AI Spending
- Can Starbucks Keep This Turnaround Going? The Latest Results Say Yes
Want to see what other hedge funds are holding ZYME? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Zymeworks Inc. (NASDAQ:ZYME – Free Report).
Receive News & Ratings for Zymeworks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Zymeworks and related companies with MarketBeat.com's FREE daily email newsletter.
