Zymeworks (NYSE:ZYME) Shares Up 9.3% – What’s Next?

Zymeworks Inc. (NYSE:ZYME) was up 9.3% during mid-day trading on Friday . The stock traded as high as $10.27 and last traded at $10.32. Approximately 556,377 shares changed hands during trading, a decline of 10% from the average daily volume of 617,465 shares. The stock had previously closed at $9.44.

Analyst Upgrades and Downgrades

ZYME has been the topic of several research reports. JPMorgan Chase & Co. raised Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 target price on the stock in a research report on Monday, December 16th. Lifesci Capital assumed coverage on Zymeworks in a report on Tuesday, March 11th. They issued an “outperform” rating and a $30.00 price objective on the stock. Wells Fargo & Company boosted their target price on Zymeworks from $12.00 to $14.00 and gave the stock an “equal weight” rating in a report on Thursday, December 19th. Citigroup raised their price target on shares of Zymeworks from $18.00 to $19.00 and gave the company a “buy” rating in a report on Friday, March 7th. Finally, HC Wainwright boosted their price objective on shares of Zymeworks from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Monday, March 10th. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $21.00.

Zymeworks Price Performance

The business’s 50-day moving average price is $12.68 and its 200 day moving average price is $13.57. The firm has a market capitalization of $739.60 million, a price-to-earnings ratio of -7.09 and a beta of 1.18.

Insider Buying and Selling at Zymeworks

In other Zymeworks news, Director Ecor1 Capital, Llc bought 39,029 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were bought at an average cost of $14.01 per share, with a total value of $546,796.29. Following the transaction, the director now directly owns 15,578,732 shares in the company, valued at approximately $218,258,035.32. This trade represents a 0.25 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders bought a total of 1,409,296 shares of company stock valued at $17,125,418 in the last ninety days. Insiders own 1.92% of the company’s stock.

Institutional Trading of Zymeworks

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sterling Capital Management LLC increased its position in shares of Zymeworks by 781.5% in the 4th quarter. Sterling Capital Management LLC now owns 1,719 shares of the company’s stock worth $25,000 after purchasing an additional 1,524 shares during the last quarter. AlphaQuest LLC increased its holdings in Zymeworks by 480.2% in the fourth quarter. AlphaQuest LLC now owns 2,808 shares of the company’s stock valued at $41,000 after buying an additional 2,324 shares during the last quarter. FMR LLC raised its stake in Zymeworks by 84.2% during the third quarter. FMR LLC now owns 3,336 shares of the company’s stock valued at $42,000 after buying an additional 1,525 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Zymeworks by 1,113.3% during the 1st quarter. GAMMA Investing LLC now owns 6,467 shares of the company’s stock worth $77,000 after buying an additional 5,934 shares during the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in shares of Zymeworks in the 4th quarter worth approximately $108,000. Institutional investors own 92.89% of the company’s stock.

About Zymeworks

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.