Bank of America Corp DE Raises Position in Zymeworks Inc. $ZYME

Bank of America Corp DE lifted its stake in Zymeworks Inc. (NASDAQ:ZYME - Free Report) by 164.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 236,754 shares of the company's stock after buying an additional 147,230 shares during the period. Bank of America Corp DE owned approximately 0.32% of Zymeworks worth $5,928,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd bought a new position in shares of Zymeworks during the fourth quarter valued at about $37,000. Quarry LP purchased a new position in Zymeworks during the 3rd quarter valued at $50,000. Tower Research Capital LLC TRC raised its holdings in Zymeworks by 29.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company's stock worth $62,000 after purchasing an additional 1,131 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in Zymeworks by 157.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 10,307 shares of the company's stock worth $129,000 after purchasing an additional 6,307 shares in the last quarter. Finally, Brevan Howard Capital Management LP purchased a new stake in shares of Zymeworks in the 2nd quarter worth about $133,000. 92.89% of the stock is owned by hedge funds and other institutional investors.

Zymeworks News Roundup

Here are the key news stories impacting Zymeworks this week:

• Positive Sentiment: Jazz’s FDA approval covers Ziihera-based regimens for first-line treatment of adults with unresectable or metastatic HER2-positive GEA, including use regardless of PD-L1 status in certain patients. Phase 3 data showed median overall survival of more than two years, strengthening the commercial outlook for the therapy. Zymeworks FDA approval and milestone announcement
• Positive Sentiment: The approval triggers a $250 million milestone payment from Jazz, bringing total upfront and milestone payments from the partner to $650 million. Zymeworks also remains eligible for up to $1.3 billion in additional Jazz milestones and tiered royalties of 10% to 20% on net sales, plus potential payments and royalties from its BeOne collaboration. Zymeworks gains milestone from Jazz FDA approval
• Positive Sentiment: Analysts raised their valuation estimates: HC Wainwright increased its price target to $55 from $51 and maintained a Buy rating; Citigroup raised its target to $38 from $37 and also maintained Buy. Citizens JMP reaffirmed Market Outperform with a $32 target. Analyst target increases
• Neutral Sentiment: The FDA approval is supported by Phase 3 results, but the confirmatory trial remains ongoing and additional analyses are planned. Continued approval for an earlier biliary tract cancer indication may also depend on confirmatory evidence.
• Negative Sentiment: Zymeworks remains dependent on Jazz and BeOne for development, regulatory execution and commercialization. Delays, weaker-than-expected sales, unsuccessful confirmatory trials or safety concerns could reduce future milestone and royalty income.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. B. Riley Financial reaffirmed a "buy" rating and set a $44.00 target price (up from $40.00) on shares of Zymeworks in a research note on Monday, August 10th. Stifel Nicolaus set a $46.00 price target on shares of Zymeworks in a research note on Friday, August 7th. Truist Financial raised their price objective on shares of Zymeworks from $31.00 to $32.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Citigroup reiterated a "market outperform" rating on shares of Zymeworks in a report on Wednesday. Finally, Citizens Jmp restated a "market outperform" rating and issued a $32.00 target price on shares of Zymeworks in a research note on Wednesday. Nine equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $40.00.

Zymeworks Stock Performance

Shares of ZYME stock opened at $29.31 on Thursday. The company's 50-day moving average is $24.73 and its 200 day moving average is $24.77. Zymeworks Inc. has a one year low of $13.60 and a one year high of $30.62. The company has a market capitalization of $2.08 billion, a price-to-earnings ratio of -14.51 and a beta of 1.15.

Zymeworks (NASDAQ:ZYME - Get Free Report) last released its quarterly earnings data on Friday, August 7th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($0.06). The business had revenue of $3.23 million during the quarter, compared to the consensus estimate of $4.54 million. Zymeworks had a negative net margin of 405.31% and a negative return on equity of 72.30%. The business's revenue was down 90.6% compared to the same quarter last year. During the same period last year, the company posted $0.03 earnings per share. As a group, research analysts predict that Zymeworks Inc. will post 1.25 earnings per share for the current fiscal year.

Zymeworks announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 14th that authorizes the company to buyback $125.00 million in shares. This buyback authorization authorizes the company to purchase up to 7% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its shares are undervalued.

About Zymeworks

Zymeworks Inc is a clinical-stage biopharmaceutical company dedicated to the discovery, development and commercialization of next-generation multifunctional biotherapeutics. The company specializes in engineered antibody and protein therapeutics designed to address a range of unmet medical needs in oncology and other serious diseases. Through its proprietary platforms, Zymeworks aims to create novel bispecific and multispecific molecules that can simultaneously engage multiple targets and recruit immune effector functions to enhance potency and specificity.

At the core of Zymeworks' innovation is its Azymetric™ bispecific antibody platform, which enables the design of asymmetrical bispecific antibodies with controlled assembly and high stability.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source