Bank of New York Mellon Corp Sells 129,308 Shares of Zymeworks Inc. (NYSE:ZYME)

Bank of New York Mellon Corp lessened its stake in Zymeworks Inc. (NYSE:ZYME - Free Report) by 51.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 120,683 shares of the company's stock after selling 129,308 shares during the quarter. Bank of New York Mellon Corp owned 0.18% of Zymeworks worth $1,767,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in ZYME. New York State Common Retirement Fund raised its holdings in shares of Zymeworks by 42.7% in the fourth quarter. New York State Common Retirement Fund now owns 13,371 shares of the company's stock valued at $196,000 after purchasing an additional 4,000 shares during the last quarter. Rhumbline Advisers grew its position in Zymeworks by 18.1% in the fourth quarter. Rhumbline Advisers now owns 103,876 shares of the company's stock valued at $1,521,000 after purchasing an additional 15,920 shares in the last quarter. Empowered Funds LLC increased its stake in Zymeworks by 5.1% in the 4th quarter. Empowered Funds LLC now owns 352,753 shares of the company's stock valued at $5,164,000 after buying an additional 17,092 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its position in Zymeworks by 6.9% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 14,605 shares of the company's stock worth $214,000 after buying an additional 940 shares in the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of Zymeworks by 30.4% during the 4th quarter. SG Americas Securities LLC now owns 26,782 shares of the company's stock worth $392,000 after buying an additional 6,239 shares during the last quarter. Institutional investors own 92.89% of the company's stock.

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Zymeworks Stock Down 3.5 %

Shares of NYSE ZYME traded down $0.45 during mid-day trading on Wednesday, reaching $12.35. 654,450 shares of the company were exchanged, compared to its average volume of 478,208. The stock has a market capitalization of $859.28 million, a P/E ratio of -8.23 and a beta of 1.13. The company's 50-day simple moving average is $13.69 and its 200-day simple moving average is $13.73. Zymeworks Inc. has a twelve month low of $7.97 and a twelve month high of $17.70.

Insider Buying and Selling at Zymeworks

In other news, Director Ecor1 Capital, Llc acquired 22,689 shares of the stock in a transaction on Monday, March 24th. The shares were purchased at an average price of $13.08 per share, for a total transaction of $296,772.12. Following the transaction, the director now directly owns 17,157,802 shares of the company's stock, valued at approximately $224,424,050.16. This represents a 0.13 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Kenneth Galbraith sold 57,291 shares of the business's stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $14.92, for a total transaction of $854,781.72. Following the completion of the sale, the chief executive officer now directly owns 47,543 shares of the company's stock, valued at approximately $709,341.56. The trade was a 54.65 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have purchased 1,548,932 shares of company stock valued at $19,864,301 and have sold 89,601 shares valued at $1,336,847. Insiders own 1.92% of the company's stock.

Wall Street Analyst Weigh In

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

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.