JPMorgan Chase & Co. Cuts Stock Position in Zymeworks Inc. $ZYME

Key Points

• JPMorgan Chase cut its stake in Zymeworks by 92.3% in Q3, selling 407,806 shares and leaving 33,884 shares valued at about $579,000 per its latest 13F filing.
• Other institutions aggressively increased exposure—Millennium Management up 851.6% to 1,104,813 shares and Assenagon up 169.2% to 1,326,774—resulting in hedge funds and institutions owning roughly 92.89% of ZYME.
• Analyst sentiment is mostly positive with a consensus rating of Moderate Buy and a $37.89 price target after several upgrades (e.g., Leerink $58, Stifel $47), though Weiss Ratings continues to rate the stock a sell.

JPMorgan Chase & Co. cut its holdings in shares of Zymeworks Inc. (NASDAQ:ZYME - Free Report) by 92.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,884 shares of the company's stock after selling 407,806 shares during the period. JPMorgan Chase & Co.'s holdings in Zymeworks were worth $579,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of ZYME. Millennium Management LLC increased its stake in Zymeworks by 851.6% during the third quarter. Millennium Management LLC now owns 1,104,813 shares of the company's stock worth $18,870,000 after purchasing an additional 988,711 shares during the period. Assenagon Asset Management S.A. increased its stake in Zymeworks by 169.2% during the third quarter. Assenagon Asset Management S.A. now owns 1,326,774 shares of the company's stock worth $22,661,000 after purchasing an additional 833,994 shares during the period. Vestal Point Capital LP increased its stake in Zymeworks by 130.0% during the second quarter. Vestal Point Capital LP now owns 1,150,000 shares of the company's stock worth $14,432,000 after purchasing an additional 650,000 shares during the period. Adage Capital Partners GP L.L.C. purchased a new stake in Zymeworks during the second quarter worth about $5,974,000. Finally, Rubric Capital Management LP increased its stake in Zymeworks by 8.6% during the second quarter. Rubric Capital Management LP now owns 4,710,551 shares of the company's stock worth $59,117,000 after purchasing an additional 372,107 shares during the period. 92.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ZYME. Stifel Nicolaus boosted their price target on shares of Zymeworks from $40.00 to $47.00 and gave the stock a "buy" rating in a research note on Tuesday, March 3rd. Truist Financial began coverage on shares of Zymeworks in a research note on Wednesday, December 17th. They set a "buy" rating and a $40.00 price target on the stock. Leerink Partners boosted their price target on shares of Zymeworks from $52.00 to $58.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 3rd. HC Wainwright boosted their price target on shares of Zymeworks from $32.00 to $46.00 and gave the stock a "buy" rating in a research note on Friday, March 6th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Zymeworks in a research report on Wednesday, January 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.89.

Zymeworks Stock Performance

Shares of Zymeworks stock opened at $26.32 on Monday. Zymeworks Inc. has a one year low of $9.40 and a one year high of $28.49. The company has a market cap of $1.94 billion, a PE ratio of -24.37 and a beta of 1.20. The business has a 50-day simple moving average of $24.03 and a 200-day simple moving average of $22.84.

Zymeworks (NASDAQ:ZYME - Get Free Report) last announced its quarterly earnings data on Saturday, February 14th. The company reported ($0.55) EPS for the quarter. Zymeworks had a negative return on equity of 26.00% and a negative net margin of 76.56%.The company had revenue of $2.52 million for the quarter.

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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