Zymeworks (NYSE:ZYME) Price Target Raised to $13.00

Zymeworks (NYSE:ZYME) had its price target raised by investment analysts at HC Wainwright from $12.00 to $13.00 in a report released on Monday,Benzinga reports. The firm presently has a “neutral” rating on the stock. HC Wainwright’s price target indicates a potential upside of 16.85% from the stock’s previous close.

ZYME has been the subject of a number of other research reports. Citigroup increased their price target on shares of Zymeworks from $18.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday. JPMorgan Chase & Co. raised Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price objective for the company in a research note on Monday, December 16th. Finally, Wells Fargo & Company lifted their target price on Zymeworks from $12.00 to $14.00 and gave the company an “equal weight” rating in a research note on Thursday, December 19th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $19.50.

Zymeworks Trading Down 7.3 %

Shares of Zymeworks stock traded down $0.88 on Monday, hitting $11.13. The stock had a trading volume of 472,903 shares, compared to its average volume of 472,754. The stock has a market cap of $774.04 million, a price-to-earnings ratio of -7.43 and a beta of 1.13. Zymeworks has a 52-week low of $7.97 and a 52-week high of $17.70. The company’s 50 day moving average price is $14.14 and its 200 day moving average price is $13.66.

Insider Buying and Selling at Zymeworks

In other news, Director Ecor1 Capital, Llc acquired 19,748 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The stock was purchased at an average cost of $13.87 per share, with a total value of $273,904.76. Following the purchase, the director now directly owns 15,720,161 shares of the company’s stock, valued at approximately $218,038,633.07. This trade represents a 0.13 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Kenneth Galbraith sold 57,291 shares of Zymeworks stock in a transaction on Monday, January 6th. The stock was sold at an average price of $14.92, for a total value of $854,781.72. Following the transaction, the chief executive officer now directly owns 47,543 shares of the company’s stock, valued at $709,341.56. This trade represents a 54.65 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 603,539 shares of company stock valued at $8,384,708 and sold 89,601 shares valued at $1,336,847. 1.92% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ZYME. Empowered Funds LLC boosted its holdings in shares of Zymeworks by 5.3% during the third quarter. Empowered Funds LLC now owns 335,661 shares of the company’s stock worth $4,213,000 after purchasing an additional 17,018 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of Zymeworks by 0.8% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,945,491 shares of the company’s stock worth $24,416,000 after buying an additional 14,604 shares during the period. Intech Investment Management LLC acquired a new position in shares of Zymeworks in the 3rd quarter valued at about $266,000. Charles Schwab Investment Management Inc. grew its stake 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 during the period. Finally, 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 valued at $42,000 after purchasing an additional 1,525 shares in the last quarter. Institutional investors and hedge funds 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.