Bank of New York Mellon Corp Acquires New Holdings in Zymeworks Inc. $ZYME

Key Points

• Bank of New York Mellon acquired 131,106 Zymeworks shares valued at approximately $3.43 million, joining other institutional investors that have increased their positions. Institutions collectively own 92.89% of the company.
• Analysts remain generally bullish, with nine Buy ratings, a consensus “Moderate Buy” rating, and an average price target of $41 versus the stock’s recent price of $29.19.
• Zymeworks reported weaker-than-expected quarterly results, including a $0.62 loss per share and $3.23 million in revenue, down 90.6% year over year. The company has also authorized a $125 million share repurchase program covering up to 7% of its shares.

Bank of New York Mellon Corp purchased a new stake in Zymeworks Inc. (NASDAQ:ZYME - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 131,106 shares of the company's stock, valued at approximately $3,427,000. Bank of New York Mellon Corp owned 0.18% of Zymeworks at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of ZYME. Siren L.L.C. purchased a new position in Zymeworks during the fourth quarter worth about $44,238,000. Rubric Capital Management LP raised its holdings in shares of Zymeworks by 21.7% in the 1st quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company's stock valued at $175,280,000 after acquiring an additional 1,250,000 shares in the last quarter. Perceptive Advisors LLC raised its holdings in shares of Zymeworks by 56.0% in the 4th quarter. Perceptive Advisors LLC now owns 3,261,850 shares of the company's stock valued at $85,885,000 after acquiring an additional 1,171,187 shares in the last quarter. Millennium Management LLC boosted its position in shares of Zymeworks by 851.6% during the 3rd quarter. Millennium Management LLC now owns 1,104,813 shares of the company's stock valued at $18,870,000 after acquiring an additional 988,711 shares during the last quarter. Finally, Vestal Point Capital LP boosted its position in shares of Zymeworks by 130.0% during the 2nd quarter. Vestal Point Capital LP now owns 1,150,000 shares of the company's stock valued at $14,432,000 after acquiring an additional 650,000 shares during the last quarter. 92.89% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on ZYME shares. Citigroup restated a "market outperform" rating on shares of Zymeworks in a research report on Wednesday, August 26th. HC Wainwright lifted their target price on shares of Zymeworks from $51.00 to $55.00 and gave the company a "buy" rating in a research report on Wednesday, August 26th. Stifel Nicolaus set a $46.00 price target on shares of Zymeworks in a research note on Friday, August 7th. Citizens Jmp reissued a "market outperform" rating and issued a $32.00 price target on shares of Zymeworks in a report on Wednesday, August 26th. Finally, Wells Fargo & Company increased their price target on shares of Zymeworks from $37.00 to $40.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $41.00.

Zymeworks Stock Performance

Shares of Zymeworks stock opened at $29.19 on Monday. The firm has a market capitalization of $2.07 billion, a PE ratio of -14.45 and a beta of 1.19. The business's 50-day moving average price is $25.54 and its 200-day moving average price is $25.10. Zymeworks Inc. has a 12 month low of $14.06 and a 12 month high of $31.34.

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). The firm had revenue of $3.23 million during the quarter, compared to the consensus estimate of $4.54 million. Zymeworks had a negative return on equity of 72.30% and a negative net margin of 405.31%.The business's quarterly revenue was down 90.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.03 EPS. As a group, analysts predict that Zymeworks Inc. will post 1.38 earnings per share for the current fiscal year.

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

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