Hillsdale Investment Management Inc. Has $8.65 Million Stock Position in Zymeworks Inc. $ZYME

Key Points

• Hillsdale Investment Management increased its Zymeworks stake by 45.3% in the first quarter, buying 107,700 more shares and ending with 345,622 shares valued at about $8.65 million.
• Institutional ownership remains high, with 92.89% of Zymeworks shares held by institutions and hedge funds. Several other firms also added or initiated positions in the biotech company.
• Analyst sentiment is generally positive: Zymeworks has a Moderate Buy consensus with an average price target of $37.33, while the company also authorized a $125 million share buyback program in May.

Hillsdale Investment Management Inc. lifted its stake in Zymeworks Inc. (NASDAQ:ZYME - Free Report) by 45.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 345,622 shares of the company's stock after purchasing an additional 107,700 shares during the period. Hillsdale Investment Management Inc. owned 0.47% of Zymeworks worth $8,654,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Caitong International Asset Management Co. Ltd bought a new stake in Zymeworks in the fourth quarter valued at about $37,000. Quarry LP bought a new position in Zymeworks during the third quarter worth about $50,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Zymeworks by 25.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,637 shares of the company's stock worth $96,000 after buying an additional 731 shares during the period. Tower Research Capital LLC TRC grew its position in shares of Zymeworks by 29.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company's stock worth $62,000 after buying an additional 1,131 shares during the period. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of Zymeworks in the 4th quarter valued at about $205,000. 92.89% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ZYME has been the topic of a number of analyst reports. Wells Fargo & Company increased their price target on shares of Zymeworks from $34.00 to $37.00 and gave the company an "overweight" rating in a research report on Tuesday, June 30th. HC Wainwright reaffirmed a "buy" rating and issued a $46.00 target price on shares of Zymeworks in a research note on Wednesday, June 3rd. Citigroup reiterated a "buy" rating on shares of Zymeworks in a report on Tuesday, June 30th. Weiss Ratings reissued a "sell (d-)" rating on shares of Zymeworks in a research report on Monday, April 20th. Finally, Truist Financial boosted their price target on shares of Zymeworks from $28.00 to $31.00 and gave the company a "buy" rating in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $37.33.

Zymeworks Price Performance

NASDAQ:ZYME opened at $24.94 on Tuesday. The business's 50-day simple moving average is $24.67 and its 200-day simple moving average is $24.70. Zymeworks Inc. has a fifty-two week low of $11.51 and a fifty-two week high of $29.75. The stock has a market capitalization of $1.82 billion, a PE ratio of -18.20 and a beta of 1.13.

Zymeworks (NASDAQ:ZYME - Get Free Report) last posted its earnings results on Tuesday, March 31st. The company reported ($0.59) earnings per share (EPS) for the quarter. Zymeworks had a negative return on equity of 37.97% and a negative net margin of 126.92%.The business had revenue of $2.41 million for the quarter. On average, research analysts expect that Zymeworks Inc. will post 1.1 earnings per share for the current year.

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

Zymeworks Company Profile

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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