Vestal Point Capital LP Boosts Stake in Zymeworks Inc. (NYSE:ZYME)

Vestal Point Capital LP increased its stake in shares of Zymeworks Inc. (NYSE:ZYME) by 39.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 615,000 shares of the company’s stock after buying an additional 175,000 shares during the quarter. Vestal Point Capital LP owned about 0.89% of Zymeworks worth $7,718,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in ZYME. FMR LLC increased its holdings in Zymeworks by 84.2% in the 3rd quarter. FMR LLC now owns 3,336 shares of the company’s stock worth $42,000 after buying an additional 1,525 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in shares of Zymeworks in the 3rd quarter valued at $47,000. Quest Partners LLC increased its stake in shares of Zymeworks by 8,049.6% in the second quarter. Quest Partners LLC now owns 9,209 shares of the company’s stock worth $78,000 after acquiring an additional 9,096 shares during the period. nVerses Capital LLC purchased a new position in shares of Zymeworks during the third quarter worth $79,000. Finally, MQS Management LLC acquired a new position in Zymeworks during the second quarter valued at $92,000. 92.89% of the stock is owned by institutional investors and hedge funds.

Zymeworks Trading Up 0.8 %

NYSE:ZYME opened at $14.42 on Friday. The stock has a 50 day moving average of $13.88 and a two-hundred day moving average of $11.32. Zymeworks Inc. has a 12 month low of $7.97 and a 12 month high of $17.70. The firm has a market cap of $993.25 million, a P/E ratio of -9.61 and a beta of 1.16.

Zymeworks (NYSE:ZYME) last issued its quarterly earnings results on Thursday, October 31st. The company reported ($0.39) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.01. The firm had revenue of $16.00 million during the quarter, compared to analysts’ expectations of $17.90 million. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The firm’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 earned ($0.41) earnings per share. On average, research analysts forecast that Zymeworks Inc. will post -1.22 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have weighed in on ZYME. Citigroup lifted their price objective 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 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 upped their price objective for the stock from $10.00 to $25.00 in a research report on Thursday, November 7th. Stifel Nicolaus lifted their target price on shares of Zymeworks from $21.00 to $28.00 and gave the company a “buy” rating in a report on Monday, October 28th. Finally, HC Wainwright reissued a “neutral” rating and set a $12.00 price target on shares of Zymeworks in a report on Friday, November 22nd. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.00.

Zymeworks 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.