Bank of America Corp DE Reduces Position in Zymeworks Inc. (NYSE:ZYME)

Bank of America Corp DE reduced its holdings in Zymeworks Inc. (NYSE:ZYME - Free Report) by 54.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. 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 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Walleye Capital LLC bought a new stake in Zymeworks during the 4th quarter valued at about $6,629,000. Schroder Investment Management Group bought a new stake in shares of Zymeworks in the 4th quarter valued at about $4,892,000. Hillsdale Investment Management Inc. bought a new stake in shares of Zymeworks in the 4th quarter valued at about $3,368,000. Norges Bank bought a new stake in shares of Zymeworks in the 4th quarter valued at about $2,953,000. Finally, Barclays PLC raised its holdings in shares of Zymeworks by 476.3% in the 3rd quarter. Barclays PLC now owns 154,384 shares of the company's stock valued at $1,937,000 after purchasing an additional 127,595 shares in the last quarter. 92.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ZYME has been the topic of several research analyst reports. HC Wainwright boosted their target price on shares of Zymeworks from $12.00 to $13.00 and gave the stock a "neutral" rating in a research report on Monday, March 10th. Lifesci Capital initiated coverage on shares of Zymeworks in a research report on Tuesday, March 11th. They set an "outperform" rating and a $30.00 target price on the stock. TD Cowen started coverage on shares of Zymeworks in a research report on Tuesday, May 20th. They set a "buy" rating on the stock. TD Securities initiated coverage on shares of Zymeworks in a research report on Tuesday, May 20th. They set a "buy" rating for the company. Finally, Citigroup lifted their price target on Zymeworks from $18.00 to $19.00 and gave the company a "buy" rating in a research report on Friday, March 7th. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $21.00.

Zymeworks Trading Down 3.3%

NYSE ZYME traded down $0.43 on Friday, reaching $12.67. 613,337 shares of the company were exchanged, compared to its average volume of 582,533. The business's fifty day moving average price is $11.80 and its 200 day moving average price is $12.95. The stock has a market capitalization of $881.54 million, a P/E ratio of -8.45 and a beta of 1.17. Zymeworks Inc. has a fifty-two week low of $8.21 and a fifty-two week high of $17.70.

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

Insider Buying and Selling at Zymeworks

In related news, Director Ecor1 Capital, Llc purchased 5,919 shares of the business's stock in a transaction on Monday, May 19th. The shares were bought at an average price of $11.78 per share, for a total transaction of $69,725.82. Following the acquisition, the director now directly owns 17,883,908 shares in the company, valued at $210,672,436.24. This trade represents a 0.03% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have acquired 616,722 shares of company stock worth $7,243,221 over the last quarter. 1.92% of the stock is currently owned by company insiders.

About Zymeworks

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.