Zymeworks (NYSE:ZYME) Shares Gap Down - Here's What Happened

Zymeworks Inc. (NYSE:ZYME - Get Free Report)'s share price gapped down prior to trading on Thursday . The stock had previously closed at $13.18, but opened at $12.44. Zymeworks shares last traded at $12.12, with a volume of 123,050 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ZYME shares. JPMorgan Chase & Co. upgraded Zymeworks from a "neutral" rating to an "overweight" rating and set a $18.00 price objective for the company in a research note on Monday, December 16th. Wells Fargo & Company lifted their price target on Zymeworks from $12.00 to $14.00 and gave the stock an "equal weight" rating in a research report on Thursday, December 19th. 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 note on Monday. Finally, Citigroup raised their price objective on shares of Zymeworks from $18.00 to $19.00 and gave the company a "buy" rating in a research note on Friday. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Zymeworks has a consensus rating of "Moderate Buy" and a consensus target price of $19.50.

Zymeworks Trading Down 7.5 %

The firm has a fifty day moving average of $14.14 and a 200 day moving average of $13.66. The company has a market capitalization of $772.30 million, a P/E ratio of -7.40 and a beta of 1.13.

Insider Transactions at Zymeworks

In other Zymeworks news, EVP Jeffrey T. L. Smith sold 11,110 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $14.92, for a total value of $165,761.20. Following the transaction, the executive vice president now owns 8,890 shares of the company's stock, valued at approximately $132,638.80. This represents a 55.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ecor1 Capital, Llc purchased 11,958 shares of the business's stock in a transaction on Tuesday, December 24th. The shares were purchased at an average price of $14.12 per share, with a total value of $168,846.96. Following the completion of the purchase, the director now owns 14,704,239 shares in the company, valued at approximately $207,623,854.68. This trade represents a 0.08 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 603,539 shares of company stock worth $8,384,708 and sold 89,601 shares worth $1,336,847. Company insiders own 1.92% of the company's stock.

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Hedge Funds Weigh In On Zymeworks

Several institutional investors have recently made changes to their positions in ZYME. Empowered Funds LLC increased its holdings in Zymeworks by 5.3% during the third quarter. Empowered Funds LLC now owns 335,661 shares of the company's stock valued at $4,213,000 after buying an additional 17,018 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in shares of Zymeworks by 0.8% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,945,491 shares of the company's stock worth $24,416,000 after purchasing an additional 14,604 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of Zymeworks in the 3rd quarter worth $266,000. Charles Schwab Investment Management Inc. raised its holdings in Zymeworks by 0.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 132,798 shares of the company's stock worth $1,667,000 after purchasing an additional 650 shares during the period. Finally, FMR LLC lifted 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 purchasing an additional 1,525 shares in the last quarter. Institutional investors own 92.89% of the company's stock.

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.