Zymeworks Inc. (NYSE:ZYME) is Redmile Group LLC's 6th Largest Position

Redmile Group LLC cut its stake in Zymeworks Inc. (NYSE:ZYME - Free Report) by 2.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,101,911 shares of the company's stock after selling 109,126 shares during the quarter. Zymeworks comprises about 3.8% of Redmile Group LLC's holdings, making the stock its 6th biggest holding. Redmile Group LLC owned about 7.41% of Zymeworks worth $64,029,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of ZYME. Vanguard Group Inc. raised its position in shares of Zymeworks by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 2,458,105 shares of the company's stock worth $25,859,000 after acquiring an additional 63,393 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Zymeworks by 17.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 15,664 shares of the company's stock valued at $165,000 after buying an additional 2,351 shares during the period. California State Teachers Retirement System lifted its position in Zymeworks by 2.9% during the first quarter. California State Teachers Retirement System now owns 43,420 shares of the company's stock valued at $457,000 after buying an additional 1,215 shares during the period. SummerHaven Investment Management LLC boosted its holdings in shares of Zymeworks by 2.0% during the 2nd quarter. SummerHaven Investment Management LLC now owns 90,158 shares of the company's stock valued at $767,000 after buying an additional 1,772 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Zymeworks by 5.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 309,703 shares of the company's stock worth $2,636,000 after buying an additional 14,825 shares during the period. 92.89% of the stock is owned by hedge funds and other institutional investors.

Zymeworks Stock Performance

Shares of NYSE:ZYME traded up $0.09 on Thursday, reaching $14.20. The company's stock had a trading volume of 245,523 shares, compared to its average volume of 613,573. The company has a 50-day simple moving average of $14.03 and a 200 day simple moving average of $11.49. Zymeworks Inc. has a 52-week low of $7.97 and a 52-week high of $17.70. The company has a market cap of $978.10 million, a P/E ratio of -9.47 and a beta of 1.12.

Zymeworks (NYSE:ZYME - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The company reported ($0.39) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.01. The business had revenue of $16.00 million during the quarter, compared to analyst estimates of $17.90 million. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The company's revenue for the quarter was down 3.1% on a year-over-year basis. During the same period last year, the company earned ($0.41) EPS. On average, equities research analysts forecast that Zymeworks Inc. will post -1.43 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Citigroup boosted their target price on Zymeworks from $16.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, November 4th. Wells Fargo & Company downgraded shares of Zymeworks from an "overweight" rating to an "equal weight" rating and set a $12.00 price target for the company. in a research report on Friday, November 1st. Leerink Partnrs upgraded Zymeworks from a "hold" rating to a "strong-buy" rating in a research note on Thursday, November 7th. Leerink Partners upgraded shares of Zymeworks from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $10.00 to $25.00 in a research report on Thursday, November 7th. Finally, Stifel Nicolaus increased their price target on Zymeworks from $21.00 to $28.00 and gave the company a "buy" rating in a report on Monday, October 28th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $19.00.

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.