Point72 Asset Management L.P. Trims Stock Holdings in Zymeworks Inc. (NYSE:ZYME)

Point72 Asset Management L.P. trimmed its holdings in Zymeworks Inc. (NYSE:ZYME - Free Report) by 74.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 49,583 shares of the company's stock after selling 148,177 shares during the period. Point72 Asset Management L.P. owned about 0.07% of Zymeworks worth $622,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. FMR LLC raised its holdings in shares of Zymeworks by 84.2% in the 3rd quarter. FMR LLC now owns 3,336 shares of the company's stock worth $42,000 after acquiring an additional 1,525 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new position in shares of Zymeworks in the third quarter valued at approximately $47,000. Quest Partners LLC boosted its position in shares of Zymeworks by 8,049.6% during the second quarter. Quest Partners LLC now owns 9,209 shares of the company's stock valued at $78,000 after buying an additional 9,096 shares during the last quarter. nVerses Capital LLC bought a new stake in Zymeworks during the third quarter worth $79,000. Finally, MQS Management LLC purchased a new stake in Zymeworks in the 2nd quarter valued at $92,000. 92.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ZYME. Stifel Nicolaus upped their target price on shares of Zymeworks from $21.00 to $28.00 and gave the stock a "buy" rating in a research note on Monday, October 28th. Wells Fargo & Company lowered shares of Zymeworks from an "overweight" rating to an "equal weight" rating and set a $12.00 price objective for the company. in a research note 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. HC Wainwright reaffirmed a "neutral" rating and set a $12.00 price target on shares of Zymeworks in a research report on Friday, November 22nd. Finally, Leerink Partners raised Zymeworks from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $10.00 to $25.00 in a research report on Thursday, November 7th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $19.00.

Zymeworks Trading Down 3.7 %

Shares of ZYME stock traded down $0.48 during trading hours on Thursday, hitting $12.62. 419,346 shares of the company were exchanged, compared to its average volume of 610,028. The stock has a market capitalization of $869.27 million, a price-to-earnings ratio of -8.41 and a beta of 1.12. The firm has a fifty day simple moving average of $14.11 and a 200 day simple moving average of $11.65. Zymeworks Inc. has a 52-week low of $7.97 and a 52-week high of $17.70.

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

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.