Bank of America Corp DE Sells 38,030 Shares of Zymeworks Inc. (NYSE:ZYME)

Bank of America Corp DE reduced its stake in shares of Zymeworks Inc. (NYSE:ZYME - Free Report) by 54.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,700 shares of the company's stock after selling 38,030 shares during the period. Bank of America Corp DE's holdings in Zymeworks were worth $464,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Dimensional Fund Advisors LP lifted its position in Zymeworks by 14.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 972,742 shares of the company's stock valued at $14,240,000 after purchasing an additional 123,240 shares during the last quarter. Walleye Capital LLC bought a new stake in Zymeworks in the 4th quarter valued at about $6,629,000. Northern Trust Corp lifted its position in Zymeworks by 6.4% in the 4th quarter. Northern Trust Corp now owns 394,830 shares of the company's stock valued at $5,780,000 after purchasing an additional 23,903 shares during the last quarter. Empowered Funds LLC lifted its position in Zymeworks by 5.1% in the 4th quarter. Empowered Funds LLC now owns 352,753 shares of the company's stock valued at $5,164,000 after purchasing an additional 17,092 shares during the last quarter. Finally, Schroder Investment Management Group bought a new stake in Zymeworks in the 4th quarter valued at about $4,892,000. 92.89% of the stock is owned by institutional investors and hedge funds.

Zymeworks Trading Down 3.3%

Shares of ZYME traded down $0.43 on Friday, reaching $12.67. 613,337 shares of the company's stock were exchanged, compared to its average volume of 582,567. The stock has a market capitalization of $881.54 million, a P/E ratio of -8.45 and a beta of 1.17. The business has a 50 day moving average price of $11.80 and a two-hundred day moving average price of $12.96. Zymeworks Inc. has a 12 month low of $8.21 and a 12 month high of $17.70.

Zymeworks (NYSE:ZYME - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.30) earnings per share for the quarter, topping analysts' consensus estimates of ($0.45) by $0.15. The business had revenue of $27.11 million during the quarter, compared to the consensus estimate of $20.65 million. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. Zymeworks's revenue for the quarter was up 170.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.42) earnings per share. Equities research analysts predict that Zymeworks Inc. will post -1.39 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Lifesci Capital assumed coverage on shares of Zymeworks in a research report on Tuesday, March 11th. They set an "outperform" rating and a $30.00 price target on the stock. TD Securities assumed coverage on shares of Zymeworks in a research report on Tuesday, May 20th. They set a "buy" rating on the stock. Citigroup boosted 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 lifted their price objective on shares of Zymeworks from $12.00 to $13.00 and gave the stock a "neutral" rating in a research note on Monday, March 10th. Finally, TD Cowen initiated coverage on shares of Zymeworks in a research note on Tuesday, May 20th. They issued a "buy" rating on the stock. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Zymeworks presently has an average rating of "Moderate Buy" and an average target price of $21.00.

Insider Activity at Zymeworks

In related news, Director Ecor1 Capital, Llc purchased 58,306 shares of Zymeworks stock in a transaction dated Wednesday, March 19th. The stock was bought at an average price of $12.64 per share, for a total transaction of $736,987.84. Following the completion of the acquisition, the director now directly owns 17,030,604 shares of the company's stock, valued at $215,266,834.56. This represents a 0.34% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders bought 616,722 shares of company stock worth $7,243,221. 1.92% of the stock is currently owned by company insiders.

Zymeworks Company 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.