Kenneth Galbraith Sells 57,291 Shares of Zymeworks Inc. (NYSE:ZYME) Stock

Zymeworks Inc. (NYSE:ZYME) CEO Kenneth Galbraith sold 57,291 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $14.92, for a total value of $854,781.72. Following the completion of the sale, the chief executive officer now owns 47,543 shares in the company, valued at $709,341.56. This represents a 54.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Zymeworks Trading Down 1.0 %

Shares of ZYME opened at $14.31 on Wednesday. Zymeworks Inc. has a 12-month low of $7.97 and a 12-month high of $17.70. The company has a market cap of $985.64 million, a PE ratio of -9.54 and a beta of 1.10. The stock has a 50-day moving average price of $14.47 and a 200-day moving average price of $12.36.

Zymeworks (NYSE:ZYME) last announced its earnings results on Thursday, October 31st. The company reported ($0.39) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.01. The business had revenue of $16.00 million during the quarter, compared to analyst estimates of $17.90 million. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. Zymeworks’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the previous year, the business posted ($0.41) earnings per share. As a group, analysts predict that Zymeworks Inc. will post -1.43 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on ZYME shares. Leerink Partnrs upgraded Zymeworks from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Leerink Partners upgraded Zymeworks from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $10.00 to $25.00 in a research note on Thursday, November 7th. Citigroup lifted their target price on Zymeworks from $16.00 to $18.00 and gave the company a “buy” rating in a report on Monday, November 4th. Stifel Nicolaus increased their price target on shares of Zymeworks from $21.00 to $28.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Finally, Wells Fargo & Company boosted their price objective on shares of Zymeworks from $12.00 to $14.00 and gave the company an “equal weight” rating in a research note on Thursday, December 19th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.17.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ZYME. Bank of New York Mellon Corp lifted its stake in Zymeworks by 5.0% during the second quarter. Bank of New York Mellon Corp now owns 309,703 shares of the company’s stock worth $2,636,000 after purchasing an additional 14,825 shares during the last quarter. Principal Financial Group Inc. lifted its position in Zymeworks by 18.0% in the 2nd quarter. Principal Financial Group Inc. now owns 30,642 shares of the company’s stock worth $261,000 after buying an additional 4,671 shares during the last quarter. Rhumbline Advisers boosted its stake in Zymeworks by 9.0% in the second quarter. Rhumbline Advisers now owns 86,912 shares of the company’s stock worth $740,000 after buying an additional 7,210 shares in the last quarter. Victory Capital Management Inc. grew its position in Zymeworks by 23.5% during the second quarter. Victory Capital Management Inc. now owns 58,300 shares of the company’s stock valued at $496,000 after acquiring an additional 11,100 shares during the last quarter. Finally, Arizona State Retirement System raised its stake in shares of Zymeworks by 11.1% during the second quarter. Arizona State Retirement System now owns 12,841 shares of the company’s stock worth $109,000 after acquiring an additional 1,285 shares in the last quarter. 92.89% of the stock is currently owned by hedge funds and other institutional investors.

Zymeworks Company Profile

Zymeworks Inc, a clinical-stage biopharmaceutical company, discovers, develops, and commercializes biotherapeutics for the treatment of cancer. The company’s lead product candidates include zanidatamab, a human epidermal growth factor receptor 2 (HER2) that is in Phase 1, Phase 2, and Phase 3 clinical trials, including certain ongoing pivotal clinical trials; and zanidatamab zovodotin, a HER2 -targeted antibody-drug conjugate that is in Phase 2 clinical trial for the treatment of advanced or metastatic HER2-expressing tumors.