Vestal Point Capital LP Raises Stock Holdings in Zymeworks Inc. (NYSE:ZYME)

Vestal Point Capital LP grew its position in shares of Zymeworks Inc. (NYSE:ZYME - Free Report) by 39.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 615,000 shares of the company's stock after buying an additional 175,000 shares during the quarter. Vestal Point Capital LP owned 0.89% of Zymeworks worth $7,718,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of ZYME. FMR LLC grew its position in Zymeworks by 84.2% during 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 period. DekaBank Deutsche Girozentrale purchased a new position in shares of Zymeworks during the 3rd quarter worth $47,000. nVerses Capital LLC bought a new stake in shares of Zymeworks during the 3rd quarter valued at $79,000. Quest Partners LLC increased its stake in shares of Zymeworks by 8,049.6% in the 2nd quarter. Quest Partners LLC now owns 9,209 shares of the company's stock worth $78,000 after purchasing an additional 9,096 shares in the last quarter. Finally, MQS Management LLC bought a new position in Zymeworks in the 2nd quarter worth $92,000. 92.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ZYME. Wells Fargo & Company lowered Zymeworks from an "overweight" rating to an "equal weight" rating and set a $12.00 price target for the company. in a report on Friday, November 1st. HC Wainwright reiterated a "neutral" rating and set a $12.00 price objective on shares of Zymeworks in a research note on Friday, November 22nd. Leerink Partners upgraded shares of Zymeworks from a "market perform" rating to an "outperform" rating and raised their target price for the stock from $10.00 to $25.00 in a research note on Thursday, November 7th. Stifel Nicolaus upped their price target on shares of Zymeworks from $21.00 to $28.00 and gave the stock a "buy" rating in a research report on Monday, October 28th. Finally, Citigroup raised their price objective on shares of Zymeworks from $16.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, November 4th. Two 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. According to MarketBeat, Zymeworks currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.00.

Zymeworks Price Performance

Shares of ZYME stock traded down $0.33 during mid-day trading on Friday, hitting $14.09. The company had a trading volume of 333,173 shares, compared to its average volume of 617,092. The stock's 50 day moving average price is $13.88 and its 200-day moving average price is $11.32. Zymeworks Inc. has a 52-week low of $7.97 and a 52-week high of $17.70. The company has a market capitalization of $970.52 million, a P/E ratio of -9.61 and a beta of 1.16.

Zymeworks (NYSE:ZYME - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The company reported ($0.39) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.01. The company 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 firm's revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.41) earnings per share. On average, equities research analysts expect that Zymeworks Inc. will post -1.22 earnings per share for the current year.

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.