Bank of America Corp DE Buys 219,071 Shares of Zymeworks Inc. $ZYME

Key Points

• Bank of America initiated a position in Zymeworks by buying 219,071 shares valued at approximately $5.7 million, representing about 0.31% of the company.
• Institutional ownership remains high at 92.89%, with several major investors—including Rubric Capital, BlackRock and Assenagon Asset Management—adding to their stakes.
• Zymeworks reported weaker-than-expected quarterly results, while analysts remain broadly positive: 10 of 12 analysts rate the stock a Buy, with a consensus target price of $41 versus a recent price of $26.52.

Bank of America Corp DE purchased a new position in shares of Zymeworks Inc. (NASDAQ:ZYME - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 219,071 shares of the company's stock, valued at approximately $5,727,000. Bank of America Corp DE owned about 0.31% of Zymeworks as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Rubric Capital Management LP raised its stake in shares of Zymeworks by 21.7% during the 1st quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company's stock worth $175,280,000 after purchasing an additional 1,250,000 shares during the period. BlackRock Inc. bought a new stake in Zymeworks in the second quarter worth about $111,122,000. Perceptive Advisors LLC boosted its stake in Zymeworks by 7.6% in the first quarter. Perceptive Advisors LLC now owns 3,510,078 shares of the company's stock valued at $87,892,000 after acquiring an additional 248,228 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Zymeworks by 72.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,252,027 shares of the company's stock valued at $32,728,000 after acquiring an additional 524,041 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Zymeworks by 6.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 743,898 shares of the company's stock valued at $18,627,000 after acquiring an additional 43,896 shares during the period. 92.89% of the stock is owned by institutional investors.

Zymeworks Stock Performance

Zymeworks stock opened at $26.52 on Monday. The stock has a market cap of $1.88 billion, a P/E ratio of -13.13 and a beta of 1.19. Zymeworks Inc. has a fifty-two week low of $16.00 and a fifty-two week high of $31.34. The firm's fifty day moving average price is $26.00 and its 200-day moving average price is $25.45.

Zymeworks (NASDAQ:ZYME - Get Free Report) last released its earnings results on Friday, August 7th. The company reported ($0.62) earnings per share for the quarter, missing analysts' consensus estimates of ($0.56) by ($0.06). Zymeworks had a negative return on equity of 72.30% and a negative net margin of 405.31%.The firm had revenue of $3.23 million during the quarter, compared to the consensus estimate of $4.54 million. During the same quarter in the previous year, the firm earned $0.03 EPS. The business's quarterly revenue was down 90.6% compared to the same quarter last year. Sell-side analysts predict that Zymeworks Inc. will post 1.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ZYME has been the subject of a number of recent research reports. Citizens Jmp reissued a "market outperform" rating and issued a $32.00 target price on shares of Zymeworks in a research report on Wednesday, August 26th. HC Wainwright upped their price target on Zymeworks from $51.00 to $55.00 and gave the company a "buy" rating in a research report on Wednesday, August 26th. Wolfe Research began coverage on Zymeworks in a research report on Thursday, September 17th. They set an "outperform" rating on the stock. JPMorgan Chase & Co. boosted their price objective on Zymeworks from $31.00 to $33.00 and gave the company an "overweight" rating in a research note on Thursday, September 3rd. Finally, Citigroup reaffirmed a "market outperform" rating on shares of Zymeworks in a report on Wednesday, August 26th. Ten analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Zymeworks currently has a consensus rating of "Moderate Buy" and a consensus target price of $41.00.

Zymeworks Profile

Zymeworks Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for cancer and other serious diseases. The company uses its proprietary Azymetric and EFECT antibody-engineering platforms to design multifunctional biotherapeutics, including bispecific antibodies and antibody-drug conjugates intended to address complex disease biology.

Zymeworks' leading product is zanidatamab, a bispecific antibody targeting HER2. In the United States, zanidatamab is marketed as Ziiたhera for previously treated, unresectable or metastatic HER2-positive biliary tract cancer.

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