AlphaQuest LLC Acquires 28,868 Shares of Zymeworks Inc. $ZYME

Key Points

• AlphaQuest LLC significantly increased its holdings in Zymeworks Inc. by 1,028.1%, acquiring an additional 28,868 shares to reach a total of 31,676 shares valued at $377,000.
• Zymeworks reported a positive earnings surprise for the quarter with $0.03 earnings per share, exceeding the consensus estimate of ($0.52), and a revenue increase of 153.2% year-over-year.
• Brokerage ratings for Zymeworks reflect a consensus rating of "Moderate Buy" with a price target average of $21.43, indicating positive market sentiment towards the stock.

AlphaQuest LLC lifted its position in shares of Zymeworks Inc. (NYSE:ZYME - Free Report) by 1,028.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,676 shares of the company's stock after purchasing an additional 28,868 shares during the period. AlphaQuest LLC's holdings in Zymeworks were worth $377,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Janney Montgomery Scott LLC lifted its stake in shares of Zymeworks by 12.7% during the 1st quarter. Janney Montgomery Scott LLC now owns 11,567 shares of the company's stock valued at $138,000 after buying an additional 1,300 shares in the last quarter. Nuveen Asset Management LLC lifted its holdings in shares of Zymeworks by 0.4% in the 4th quarter. Nuveen Asset Management LLC now owns 207,023 shares of the company's stock worth $3,031,000 after acquiring an additional 886 shares during the last quarter. Nuveen LLC bought a new position in Zymeworks during the 1st quarter worth approximately $2,368,000. MetLife Investment Management LLC raised its holdings in Zymeworks by 6.4% during the 4th quarter. MetLife Investment Management LLC now owns 33,946 shares of the company's stock valued at $497,000 after buying an additional 2,053 shares during the last quarter. Finally, SG Americas Securities LLC increased its holdings in Zymeworks by 266.5% during the 1st quarter. SG Americas Securities LLC now owns 98,165 shares of the company's stock valued at $1,169,000 after purchasing an additional 71,383 shares during the period. 92.89% of the stock is owned by hedge funds and other institutional investors.

Zymeworks Stock Down 5.4%

ZYME traded down $0.80 during mid-day trading on Tuesday, reaching $14.01. 562,515 shares of the company traded hands, compared to its average volume of 527,191. The company's fifty day moving average price is $13.52 and its 200-day moving average price is $12.66. The stock has a market capitalization of $1.05 billion, a P/E ratio of -9.34 and a beta of 1.26. Zymeworks Inc. has a 52-week low of $9.03 and a 52-week high of $17.70.

Zymeworks (NYSE:ZYME - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.52) by $0.55. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%.The company had revenue of $48.73 million during the quarter, compared to analyst estimates of $17.18 million. During the same quarter in the previous year, the company posted ($0.49) earnings per share. Zymeworks's revenue was up 153.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Zymeworks Inc. will post -1.39 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently weighed in on ZYME. TD Securities initiated coverage on Zymeworks in a research note on Tuesday, May 20th. They issued a "buy" rating on the stock. HC Wainwright reissued a "neutral" rating and issued a $13.00 target price on shares of Zymeworks in a report on Thursday, July 3rd. Citigroup raised their price target on Zymeworks from $19.00 to $22.00 and gave the company a "buy" rating in a report on Monday, August 11th. Finally, TD Cowen began coverage on shares of Zymeworks in a research report on Tuesday, May 20th. They set a "buy" rating on the stock. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Zymeworks currently has an average rating of "Moderate Buy" and an average target price of $21.43.

Zymeworks 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.