Assenagon Asset Management S.A. Buys 256,042 Shares of Zymeworks Inc. $ZYME

Key Points

• Assenagon Asset Management increased its Zymeworks stake by 20.5%, purchasing 256,042 shares to hold 1.51 million shares worth approximately $39.9 million. Institutional investors collectively own 92.89% of the company.
• Analysts remain generally positive, with 11 Buy ratings, one Hold and one Sell; Zymeworks has a “Moderate Buy” consensus and an average price target of $40.64.
• Zymeworks reported weaker quarterly results, missing EPS and revenue estimates, while revenue declined 90.6% year over year. The stock opened at $25.03, below its 50-day moving average, and an executive sold shares to cover tax obligations related to vested equity.

Assenagon Asset Management S.A. grew its stake in Zymeworks Inc. (NASDAQ:ZYME - Free Report) by 20.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,508,069 shares of the company's stock after buying an additional 256,042 shares during the period. Assenagon Asset Management S.A. owned approximately 2.13% of Zymeworks worth $39,949,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in ZYME. Nykredit A S bought a new position in Zymeworks in the second quarter valued at $25,000. Caitong International Asset Management Co. Ltd bought a new stake in Zymeworks during the fourth quarter worth about $37,000. State of Wyoming bought a new stake in Zymeworks during the second quarter worth about $73,000. State of Alaska Department of Revenue purchased a new position in shares of Zymeworks in the 3rd quarter worth about $102,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Zymeworks by 10.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,507 shares of the company's stock worth $221,000 after purchasing an additional 800 shares in the last quarter. Institutional investors own 92.89% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ZYME. Wells Fargo & Company raised their price objective on Zymeworks from $37.00 to $40.00 and gave the company an "overweight" rating in a report on Friday, August 7th. Citizens Jmp reaffirmed a "market outperform" rating and issued a $32.00 target price on shares of Zymeworks in a research note on Wednesday, August 26th. Truist Financial upped their target price on Zymeworks from $32.00 to $34.00 and gave the stock a "buy" rating in a research note on Wednesday, October 7th. TD Cowen began coverage on shares of Zymeworks in a research report on Tuesday, September 29th. They set a "buy" rating and a $34.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft set a $32.00 price target on shares of Zymeworks in a research report on Wednesday, August 26th. Eleven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $40.64.

Insiders Place Their Bets

In related news, EVP Adam Schayowitz sold 13,832 shares of the firm's stock in a transaction that occurred on Friday, October 9th. The stock was sold at an average price of $25.85, for a total transaction of $357,557.20. Following the transaction, the executive vice president directly owned 23,205 shares in the company, valued at $599,849.25. This trade represents a 37.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 33.51% of the stock is owned by corporate insiders.

Zymeworks Stock Down 2.8%

NASDAQ ZYME opened at $25.03 on Friday. The company has a 50-day simple moving average of $26.86 and a two-hundred day simple moving average of $25.63. Zymeworks Inc. has a 12-month low of $16.00 and a 12-month high of $31.34. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of -12.39 and a beta of 1.17.

Zymeworks (NASDAQ:ZYME - Get Free Report) last announced its quarterly earnings data on Friday, August 7th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.56) by ($0.06). Zymeworks had a negative net margin of 405.31% and a negative return on equity of 72.30%. The company had revenue of $3.23 million for the quarter, compared to the consensus estimate of $4.54 million. During the same period last year, the business posted $0.03 earnings per share. The firm's quarterly revenue was down 90.6% compared to the same quarter last year. Equities analysts expect that Zymeworks Inc. will post 1.20 earnings per share for the current fiscal year.

Zymeworks Company Profile

Zymeworks Inc NASDAQ: ZYME is a biopharmaceutical company focused on discovering, developing and commercializing engineered antibody-based therapeutics for cancer and other serious diseases. The company's technologies are designed to create bispecific and multispecific antibodies, as well as antibody-drug conjugates that can target tumor cells and deliver therapeutic payloads.

Zymeworks' leading product is zanidatamab, marketed in the United States as Ziihera. The bispecific antibody targets two separate sites on the HER2 protein and received U.S.

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