Zymeworks (NYSE:ZYME) Shares Gap Up Following Insider Buying Activity

Shares of Zymeworks Inc. (NYSE:ZYME - Get Free Report) gapped up before the market opened on Friday after an insider bought additional shares in the company. The stock had previously closed at $14.78, but opened at $16.46. Zymeworks shares last traded at $15.91, with a volume of 203,172 shares changing hands.

Specifically, Director Ecor1 Capital, Llc bought 157,880 shares of the company's stock in a transaction on Thursday, January 2nd. The stock was acquired at an average price of $14.78 per share, for a total transaction of $2,333,466.40. Following the completion of the transaction, the director now directly owns 15,185,959 shares of the company's stock, valued at approximately $224,448,474.02. This represents a 1.05 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ecor1 Capital, Llc purchased 58,988 shares of the firm's stock in a transaction dated Monday, December 30th. The shares were bought at an average cost 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 disclosure for this purchase can be found here.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ZYME shares. Leerink Partnrs raised Zymeworks from a "hold" rating to a "strong-buy" rating in a report on Thursday, November 7th. Leerink Partners raised shares of Zymeworks from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $10.00 to $25.00 in a research note on Thursday, November 7th. Citigroup upped their price objective on Zymeworks from $16.00 to $18.00 and gave the company a "buy" rating in a report on Monday, November 4th. Wells Fargo & Company lifted their price objective on Zymeworks from $12.00 to $14.00 and gave the company an "equal weight" rating in a research note on Thursday, December 19th. Finally, JPMorgan Chase & Co. raised Zymeworks from a "neutral" rating to an "overweight" rating and set a $18.00 price objective on the stock in a research report on Monday, December 16th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $19.17.

Zymeworks Trading Up 1.6 %

The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of -10.01 and a beta of 1.12. The stock has a 50-day simple moving average of $14.43 and a 200-day simple moving average of $12.23.

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

Institutional Trading of Zymeworks

Several hedge funds have recently made changes to their positions in the stock. Point72 Asset Management L.P. acquired a new position in Zymeworks during the 2nd quarter worth $1,683,000. Rubric Capital Management LP raised its stake in shares of Zymeworks by 12.7% during the second quarter. Rubric Capital Management LP now owns 3,917,331 shares of the company's stock valued at $33,336,000 after purchasing an additional 441,947 shares in the last quarter. State Street Corp lifted its holdings in Zymeworks by 6.1% in the third quarter. State Street Corp now owns 1,171,777 shares of the company's stock worth $14,706,000 after purchasing an additional 67,401 shares during the period. Barclays PLC grew its position in Zymeworks by 476.3% in the 3rd quarter. Barclays PLC now owns 154,384 shares of the company's stock valued at $1,937,000 after buying an additional 127,595 shares in the last quarter. Finally, Vestal Point Capital LP increased its stake in Zymeworks by 39.8% during the 3rd quarter. Vestal Point Capital LP now owns 615,000 shares of the company's stock valued at $7,718,000 after buying an additional 175,000 shares during the period. 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.