Zymeworks (NYSE:ZYME) Trading Down 7.6% – Here’s Why

Zymeworks Inc. (NYSE:ZYME) shares were down 7.6% on Monday . The stock traded as low as $9.71 and last traded at $10.11. Approximately 333,969 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 602,558 shares. The stock had previously closed at $10.95.

Analysts Set New Price Targets

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

Zymeworks Stock Up 0.9 %

The stock has a 50-day moving average of $12.86 and a 200 day moving average of $13.60. The stock has a market cap of $695.77 million, a PE ratio of -6.67 and a beta of 1.18.

Insider Activity

In related news, Director Ecor1 Capital, Llc purchased 468,356 shares of Zymeworks stock in a transaction that occurred on Thursday, March 13th. The stock was bought at an average cost of $12.48 per share, for a total transaction of $5,845,082.88. Following the completion of the transaction, the director now owns 16,802,141 shares in the company, valued at $209,690,719.68. The trade was a 2.87 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have acquired 1,613,394 shares of company stock valued at $19,805,225 in the last ninety days. Insiders own 1.92% of the company’s stock.

Institutional Investors Weigh In On Zymeworks

Hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. boosted its holdings in Zymeworks by 0.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 132,798 shares of the company’s stock worth $1,667,000 after buying an additional 650 shares in the last quarter. FMR LLC boosted its stake in shares of Zymeworks by 84.2% during the 3rd quarter. FMR LLC now owns 3,336 shares of the company’s stock worth $42,000 after acquiring an additional 1,525 shares in the last quarter. Stifel Financial Corp grew its position in shares of Zymeworks by 2.1% during the 3rd quarter. Stifel Financial Corp now owns 73,654 shares of the company’s stock valued at $924,000 after acquiring an additional 1,540 shares during the period. State Street Corp increased its stake in shares of Zymeworks by 6.1% in the 3rd quarter. State Street Corp now owns 1,171,777 shares of the company’s stock valued at $14,706,000 after purchasing an additional 67,401 shares in the last quarter. Finally, Jane Street Group LLC raised its holdings in Zymeworks by 27.3% in the 3rd quarter. Jane Street Group LLC now owns 80,326 shares of the company’s stock worth $1,008,000 after purchasing an additional 17,205 shares during the period. Hedge funds and other 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.