Zymeworks Inc. (NYSE:ZYME) CEO Sells $854,781.72 in Stock

Zymeworks Inc. (NYSE:ZYME) CEO Kenneth Galbraith sold 57,291 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $14.92, for a total transaction of $854,781.72. Following the transaction, the chief executive officer now owns 47,543 shares of the company’s stock, valued at approximately $709,341.56. This represents a 54.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Zymeworks Stock Performance

ZYME traded down $0.55 during trading hours on Monday, reaching $14.46. The company’s stock had a trading volume of 748,126 shares, compared to its average volume of 709,087. The company’s 50-day moving average is $14.46 and its 200-day moving average is $12.32. Zymeworks Inc. has a 52 week low of $7.97 and a 52 week high of $17.70. The firm has a market cap of $995.98 million, a PE ratio of -9.64 and a beta of 1.10.

Zymeworks (NYSE:ZYME) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($0.39) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.01. The company had revenue of $16.00 million for the quarter, compared to analyst estimates of $17.90 million. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The company’s revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.41) earnings per share. Equities analysts anticipate that Zymeworks Inc. will post -1.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Zymeworks

Several hedge funds have recently bought and sold shares of ZYME. Barclays PLC grew its position in shares of Zymeworks by 476.3% in the third quarter. Barclays PLC now owns 154,384 shares of the company’s stock valued at $1,937,000 after purchasing an additional 127,595 shares during the last quarter. Jane Street Group LLC boosted its stake in Zymeworks by 27.3% in the 3rd quarter. Jane Street Group LLC now owns 80,326 shares of the company’s stock valued at $1,008,000 after purchasing an additional 17,205 shares during the period. State Street Corp boosted its stake in 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 during the period. Stifel Financial Corp grew its holdings in Zymeworks by 2.1% in the 3rd quarter. Stifel Financial Corp now owns 73,654 shares of the company’s stock valued at $924,000 after buying an additional 1,540 shares in the last quarter. Finally, Vestal Point Capital LP increased its position in Zymeworks by 39.8% during the 3rd quarter. Vestal Point Capital LP now owns 615,000 shares of the company’s stock worth $7,718,000 after buying an additional 175,000 shares during the period. 92.89% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ZYME. Leerink Partners raised Zymeworks from a “market perform” rating to an “outperform” rating and increased their price target for the company from $10.00 to $25.00 in a research report on Thursday, November 7th. Wells Fargo & Company increased their price objective on Zymeworks from $12.00 to $14.00 and gave the company an “equal weight” rating in a report on Thursday, December 19th. Stifel Nicolaus raised their target price on shares of Zymeworks from $21.00 to $28.00 and gave the company a “buy” rating in a research note on Monday, October 28th. JPMorgan Chase & Co. raised shares of Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price target on the stock in a research report on Monday, December 16th. Finally, Leerink Partnrs raised shares of Zymeworks from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $19.17.

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.