Zymeworks (NYSE:ZYME) Shares Down 7.6% - Here's Why

Zymeworks Inc. (NYSE:ZYME - Get Free Report) shares traded down 7.6% during mid-day trading on Monday . The stock traded as low as $9.71 and last traded at $10.11. 333,969 shares were traded during trading, a decline of 45% from the average session volume of 602,558 shares. The stock had previously closed at $10.95.

Analysts Set New Price Targets

Several research firms recently weighed in on ZYME. Citigroup upped their price target on shares of Zymeworks from $18.00 to $19.00 and gave the stock a "buy" rating in a research report on Friday, March 7th. HC Wainwright increased their target price on Zymeworks from $12.00 to $13.00 and gave the company a "neutral" rating in a report on Monday, March 10th. JPMorgan Chase & Co. upgraded Zymeworks from a "neutral" rating to an "overweight" rating and set a $18.00 target price on the stock in a research report on Monday, December 16th. Wells Fargo & Company boosted 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. Finally, Lifesci Capital assumed coverage on Zymeworks in a research note on Tuesday, March 11th. They issued an "outperform" rating and a $30.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Zymeworks currently has an average rating of "Moderate Buy" and an average price target of $21.00.

Zymeworks Price Performance

The stock has a 50 day simple moving average of $12.68 and a two-hundred day simple moving average of $13.57. The company has a market cap of $739.60 million, a price-to-earnings ratio of -7.09 and a beta of 1.18.

Insider Activity

In other Zymeworks news, Director Ecor1 Capital, Llc acquired 74,125 shares of the firm's stock in a transaction that occurred on Monday, January 13th. The shares were purchased at an average cost of $13.39 per share, for a total transaction of $992,533.75. Following the completion of the acquisition, the director now owns 15,485,203 shares of the company's stock, valued at approximately $207,346,868.17. The trade was a 0.48 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last quarter, insiders have bought 1,409,296 shares of company stock valued at $17,125,418. 1.92% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Zymeworks

Large investors have recently modified their holdings of the business. Blackstone Inc. raised its holdings in Zymeworks by 2,171.4% in the 4th quarter. Blackstone Inc. now owns 569,715 shares of the company's stock valued at $8,341,000 after buying an additional 544,633 shares during the period. Walleye Capital LLC acquired a new stake in shares of Zymeworks during the fourth quarter valued at about $6,629,000. Schroder Investment Management Group purchased a new stake in shares of Zymeworks in the 4th quarter valued at approximately $4,892,000. Assenagon Asset Management S.A. lifted its holdings in shares of Zymeworks by 93.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 642,251 shares of the company's stock worth $9,403,000 after acquiring an additional 311,107 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its position in shares of Zymeworks by 565.8% during the 4th quarter. Point72 Asset Management L.P. now owns 330,127 shares of the company's stock worth $4,833,000 after purchasing an additional 280,544 shares during the period. Institutional investors and hedge funds own 92.89% of the company's stock.

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.