Hillsdale Investment Management Inc. Purchases New Stake in Zymeworks Inc. (NYSE:ZYME)

Hillsdale Investment Management Inc. purchased a new stake in Zymeworks Inc. (NYSE:ZYME - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 230,025 shares of the company's stock, valued at approximately $3,368,000. Hillsdale Investment Management Inc. owned about 0.33% of Zymeworks at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. AlphaQuest LLC lifted its holdings in Zymeworks by 480.2% in the 4th quarter. AlphaQuest LLC now owns 2,808 shares of the company's stock valued at $41,000 after purchasing an additional 2,324 shares in the last quarter. FMR LLC raised its position in shares of Zymeworks by 84.2% in the third quarter. FMR LLC now owns 3,336 shares of the company's stock valued at $42,000 after buying an additional 1,525 shares during the last quarter. New York State Common Retirement Fund lifted its stake in shares of Zymeworks by 42.7% during the fourth quarter. New York State Common Retirement Fund now owns 13,371 shares of the company's stock valued at $196,000 after buying an additional 4,000 shares during the period. Teacher Retirement System of Texas lifted its stake in shares of Zymeworks by 19.2% during the fourth quarter. Teacher Retirement System of Texas now owns 13,743 shares of the company's stock valued at $201,000 after buying an additional 2,216 shares during the period. Finally, China Universal Asset Management Co. Ltd. boosted its position in Zymeworks by 6.9% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 14,605 shares of the company's stock worth $214,000 after acquiring an additional 940 shares during the last quarter. 92.89% of the stock is owned by hedge funds and other institutional investors.

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Zymeworks Trading Up 1.3 %

Shares of ZYME traded up $0.16 during midday trading on Thursday, reaching $12.51. 317,200 shares of the company were exchanged, compared to its average volume of 478,115. Zymeworks Inc. has a 1-year low of $7.97 and a 1-year high of $17.70. The stock has a 50-day moving average price of $13.66 and a 200-day moving average price of $13.72. The company has a market cap of $870.41 million, a price-to-earnings ratio of -8.34 and a beta of 1.13.

Insider Activity at Zymeworks

In other news, Director Ecor1 Capital, Llc purchased 58,988 shares of the company's stock in a transaction that occurred on Monday, December 30th. The shares were purchased at an average price of $14.47 per share, with a total value of $853,556.36. Following the purchase, the director now directly owns 14,881,578 shares of the company's stock, valued at approximately $215,336,433.66. This represents a 0.40 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Paul Andrew Moore sold 21,200 shares of the company'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 $316,304.00. Following the completion of the transaction, the insider now directly owns 14,741 shares of the company's stock, valued at approximately $219,935.72. The trade was a 58.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 1,576,088 shares of company stock worth $20,160,970 and have sold 89,601 shares worth $1,336,847. Company insiders own 1.92% of the company's stock.

Wall Street Analysts Forecast Growth

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

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.