Zymeworks (NYSE:ZYME) Stock Price Down 7.6% – What’s Next?

Zymeworks Inc. (NYSE:ZYME) shares dropped 7.6% during trading 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.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on ZYME shares. Wells Fargo & Company upped their price objective on Zymeworks from $12.00 to $14.00 and gave the company an “equal weight” rating in a research report on Thursday, December 19th. JPMorgan Chase & Co. upgraded Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 target price on the stock in a research note on Monday, December 16th. Lifesci Capital started coverage on shares of Zymeworks in a research note on Tuesday, March 11th. They set an “outperform” rating and a $30.00 price target for the company. Citigroup upped their price objective 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. Finally, HC Wainwright upped their target price on Zymeworks from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Monday, March 10th. Two 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 company currently has an average rating of “Moderate Buy” and a consensus price target of $21.00.

Zymeworks Trading Down 4.7 %

The company has a market capitalization of $725.69 million, a price-to-earnings ratio of -6.95 and a beta of 1.18. The firm has a 50-day simple moving average of $13.23 and a two-hundred day simple moving average of $13.69.

Insider Buying and Selling at Zymeworks

In other Zymeworks news, Director Ecor1 Capital, Llc acquired 204,098 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was bought at an average price of $13.13 per share, with a total value of $2,679,806.74. Following the purchase, the director now owns 15,411,078 shares in the company, valued at approximately $202,347,454.14. The trade was a 1.34 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have purchased a total of 1,634,415 shares of company stock valued at $20,100,990 over the last ninety days. Corporate insiders own 1.92% of the company’s stock.

Hedge Funds Weigh In On Zymeworks

Institutional investors have recently bought and sold shares of the company. Deutsche Bank AG grew its holdings in shares of Zymeworks by 1.2% during the 4th quarter. Deutsche Bank AG now owns 1,546,772 shares of the company’s stock worth $22,645,000 after purchasing an additional 17,849 shares during the period. State Street Corp lifted its position in Zymeworks by 6.1% in the third quarter. State Street Corp now owns 1,171,777 shares of the company’s stock valued at $14,706,000 after buying an additional 67,401 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Zymeworks by 14.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 972,742 shares of the company’s stock worth $14,240,000 after buying an additional 123,240 shares during the period. Bridgeway Capital Management LLC increased its position in shares of Zymeworks by 2.3% during the fourth quarter. Bridgeway Capital Management LLC now owns 759,653 shares of the company’s stock valued at $11,121,000 after acquiring an additional 17,092 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its position in shares of Zymeworks by 93.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 642,251 shares of the company’s stock valued at $9,403,000 after acquiring an additional 311,107 shares during the last quarter. 92.89% of the stock is owned by hedge funds and other institutional investors.

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.