Zymeworks (NYSE:ZYME) Stock Price Down 6.1% Following Insider Selling

Zymeworks Inc. (NYSE:ZYME) shares traded down 6.1% on Monday following insider selling activity. The company traded as low as $25.25 and last traded at $24.9850. 338,686 shares changed hands during mid-day trading, a decline of 16% from the average session volume of 401,065 shares. The stock had previously closed at $26.62.

Specifically, insider Paul Andrew Moore sold 20,110 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $25.10, for a total value of $504,761.00. Following the sale, the insider owned 31,212 shares in the company, valued at approximately $783,421.20. The trade was a 39.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Kenneth Galbraith sold 54,343 shares of the firm’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $25.10, for a total transaction of $1,364,009.30. Following the transaction, the chief executive officer directly owned 158,286 shares of the company’s stock, valued at $3,972,978.60. This represents a 25.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In other news, EVP Jeffrey T. L. Smith sold 10,538 shares of the business’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $25.10, for a total value of $264,503.80. Following the sale, the executive vice president owned 18,352 shares of the company’s stock, valued at $460,635.20. The trade was a 36.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ZYME. JPMorgan Chase & Co. lifted their price target on shares of Zymeworks from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Leerink Partners set a $37.00 target price on Zymeworks in a research report on Monday, November 17th. JMP Securities set a $32.00 target price on Zymeworks in a report on Wednesday, December 3rd. B. Riley restated a “buy” rating and issued a $40.00 price target (up from $30.00) on shares of Zymeworks in a research note on Friday, November 21st. Finally, Citigroup initiated coverage on Zymeworks in a research note on Wednesday, December 3rd. They set an “outperform” rating on the stock. Eleven investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average price target of $32.82.

Zymeworks Stock Up 2.8%

The firm has a market capitalization of $1.86 billion, a P/E ratio of -16.57 and a beta of 1.30. The company’s 50 day moving average is $24.07 and its 200-day moving average is $18.16.

Zymeworks (NYSE:ZYME) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.02. The firm had revenue of $27.61 million for the quarter, compared to analyst estimates of $33.69 million. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The business’s quarterly revenue was up 72.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.39) earnings per share. On average, analysts predict that Zymeworks Inc. will post -1.39 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Optiver Holding B.V. bought a new position in Zymeworks in the 3rd quarter valued at about $26,000. Quarry LP bought a new stake in Zymeworks during the 3rd quarter worth approximately $50,000. Tower Research Capital LLC TRC raised its stake in shares of Zymeworks by 29.6% in 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. CWM LLC raised its stake in shares of Zymeworks by 272.8% in the second quarter. CWM LLC now owns 8,570 shares of the company’s stock worth $108,000 after purchasing an additional 6,271 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Zymeworks by 157.7% in the second quarter. BNP Paribas Financial Markets now owns 10,307 shares of the company’s stock valued at $129,000 after purchasing an additional 6,307 shares in the last quarter. Institutional investors and hedge funds own 92.89% of the company’s stock.

About Zymeworks

Zymeworks Inc is a clinical-stage biopharmaceutical company headquartered in Vancouver, British Columbia, with a focus on the discovery, development and commercialization of multifunctional biotherapeutics. Founded in 2003, the company applies proprietary protein engineering platforms to create novel antibody and protein-based therapies targeting oncology and other serious diseases. Zymeworks is publicly traded on the New York Stock Exchange under the symbol ZYME.

The company’s core technology platforms include Azymetric®, which enables the design of bispecific antibodies capable of engaging two distinct targets simultaneously, and the EFECT™ platform for fine-tuning antibody-drug conjugate properties.