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 company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $14.92, for a total transaction of $854,781.72. Following the completion of the sale, the chief executive officer now directly owns 47,543 shares in the company, valued at $709,341.56. This trade represents a 54.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Zymeworks Price Performance

Shares of ZYME stock opened at $14.13 on Thursday. The firm’s 50-day simple moving average is $14.48 and its 200-day simple moving average is $12.38. Zymeworks Inc. has a 1-year low of $7.97 and a 1-year high of $17.70. The firm has a market cap of $973.25 million, a P/E ratio of -9.42 and a beta of 1.10.

Zymeworks (NYSE:ZYME) last posted its quarterly earnings results on Thursday, October 31st. The company reported ($0.39) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.01. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The company had revenue of $16.00 million for the quarter, compared to the consensus estimate of $17.90 million. During the same quarter last year, the firm posted ($0.41) earnings per share. Zymeworks’s revenue was down 3.1% on a year-over-year basis. Analysts expect that Zymeworks Inc. will post -1.43 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ZYME. Citigroup upped their target price on Zymeworks from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Leerink Partnrs raised Zymeworks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 7th. Stifel Nicolaus boosted their target price on shares of Zymeworks from $21.00 to $28.00 and gave the company a “buy” rating in a research note on Monday, October 28th. JPMorgan Chase & Co. raised shares of Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price target on the stock in a research note on Monday, December 16th. Finally, HC Wainwright reissued a “neutral” rating and issued a $12.00 price objective on shares of Zymeworks in a research report on Friday, November 22nd. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $19.17.

Institutional Investors Weigh In On Zymeworks

Institutional investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. acquired a new position in shares of Zymeworks in the 2nd quarter valued at about $1,683,000. Rubric Capital Management LP lifted its position in Zymeworks by 12.7% during the second quarter. Rubric Capital Management LP now owns 3,917,331 shares of the company’s stock valued at $33,336,000 after buying an additional 441,947 shares in the last quarter. Barclays PLC grew its stake in Zymeworks by 476.3% during the third quarter. Barclays PLC now owns 154,384 shares of the company’s stock worth $1,937,000 after buying an additional 127,595 shares during the period. State Street Corp increased its position in shares of Zymeworks by 6.1% in the third quarter. State Street Corp now owns 1,171,777 shares of the company’s stock worth $14,706,000 after acquiring an additional 67,401 shares in the last quarter. Finally, Vestal Point Capital LP raised its stake in shares of Zymeworks by 39.8% in the 3rd quarter. Vestal Point Capital LP now owns 615,000 shares of the company’s stock valued at $7,718,000 after acquiring an additional 175,000 shares during the period. Hedge funds and other institutional investors own 92.89% of the company’s stock.

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.