Susquehanna Fundamental Investments LLC acquired a new position in shares of Zymeworks Inc. (NASDAQ:ZYME – Free Report) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 18,185 shares of the company’s stock, valued at approximately $475,000.
Other hedge funds have also made changes to their positions in the company. Rubric Capital Management LP raised its stake in shares of Zymeworks by 21.7% in the first quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company’s stock valued at $175,280,000 after purchasing an additional 1,250,000 shares in the last quarter. BlackRock Inc. acquired a new stake in Zymeworks during the second quarter worth $111,122,000. Perceptive Advisors LLC increased its holdings in Zymeworks by 7.6% in the 1st quarter. Perceptive Advisors LLC now owns 3,510,078 shares of the company’s stock valued at $87,892,000 after buying an additional 248,228 shares during the period. Vanguard Group Inc. increased its holdings in 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 buying an additional 174,293 shares during the period. Finally, 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 buying an additional 615,000 shares in the last quarter. Institutional investors own 92.89% of the company’s stock.
Analyst Ratings Changes
Several brokerages have recently weighed in on ZYME. Wells Fargo & Company lifted their target price on shares of Zymeworks from $37.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Citigroup reaffirmed a “market outperform” rating on shares of Zymeworks in a report on Wednesday, August 26th. B. Riley Financial reiterated a “buy” rating and issued a $44.00 price objective (up from $40.00) on shares of Zymeworks in a research note on Monday, August 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Zymeworks in a research note on Friday, July 17th. Finally, Deutsche Bank Aktiengesellschaft set a $32.00 target price on shares of Zymeworks in a research note on Wednesday, August 26th. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.00.
Zymeworks Stock Up 4.7%
NASDAQ:ZYME opened at $31.05 on Thursday. The company has a market cap of $2.20 billion, a P/E ratio of -15.37 and a beta of 1.19. Zymeworks Inc. has a twelve month low of $13.60 and a twelve month high of $31.17. The business has a 50 day moving average price of $25.32 and a two-hundred day moving average price of $25.00.
Zymeworks (NASDAQ:ZYME – Get Free Report) last announced its quarterly earnings data on Friday, August 7th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.06). Zymeworks had a negative net margin of 405.31% and a negative return on equity of 72.30%. The company had revenue of $3.23 million during the quarter, compared to the consensus estimate of $4.54 million. During the same quarter in the previous year, the business earned $0.03 EPS. Zymeworks’s revenue was down 90.6% on a year-over-year basis. As a group, analysts anticipate that Zymeworks Inc. will post 1.37 earnings per share for the current fiscal year.
Zymeworks announced that its Board of Directors has approved a share repurchase 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 typically an indication that the company’s board of directors believes its stock is undervalued.
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.
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