Legal & General Group Plc Makes New $1.13 Million Investment in Zymeworks Inc. $ZYME

Legal & General Group Plc purchased a new stake in Zymeworks Inc. (NASDAQ:ZYME - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 43,160 shares of the company's stock, valued at approximately $1,128,000. Legal & General Group Plc owned approximately 0.06% of Zymeworks at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Deutsche Bank AG acquired a new position in Zymeworks during the 2nd quarter worth approximately $10,383,000. Rubric Capital Management LP grew its stake in shares of Zymeworks by 21.7% during the first quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company's stock worth $175,280,000 after purchasing an additional 1,250,000 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Zymeworks by 164.5% during the first quarter. Bank of America Corp DE now owns 236,754 shares of the company's stock worth $5,928,000 after purchasing an additional 147,230 shares in the last quarter. Vanguard Group Inc. increased its holdings in Zymeworks by 8.1% in the fourth quarter. Vanguard Group Inc. now owns 2,328,727 shares of the company's stock valued at $61,315,000 after buying an additional 174,293 shares during the last quarter. Finally, Principal Financial Group Inc. purchased a new position in Zymeworks in the first quarter valued at $1,967,000. Hedge funds and other institutional investors own 92.89% of the company's stock.

Analyst Ratings Changes

ZYME has been the subject of a number of recent analyst reports. Wells Fargo & Company lifted their price target on Zymeworks from $37.00 to $40.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. HC Wainwright increased their price objective on Zymeworks from $51.00 to $55.00 and gave the company a "buy" rating in a report on Wednesday, August 26th. Truist Financial raised their target price on Zymeworks from $31.00 to $32.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. B. Riley Financial restated a "buy" rating and set a $44.00 target price (up from $40.00) on shares of Zymeworks in a research note on Monday, August 10th. Finally, Deutsche Bank Aktiengesellschaft set a $32.00 price target on Zymeworks in a report on Wednesday, August 26th. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $41.00.

Zymeworks Stock Performance

NASDAQ ZYME opened at $29.19 on Tuesday. The firm has a market cap of $2.07 billion, a PE ratio of -14.45 and a beta of 1.19. Zymeworks Inc. has a one year low of $14.06 and a one year high of $31.34. The firm's fifty day moving average is $25.65 and its two-hundred day moving average is $25.14.

Zymeworks (NASDAQ:ZYME - Get Free Report) last announced its earnings results on Friday, August 7th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.06). The business had revenue of $3.23 million for the quarter, compared to analyst estimates of $4.54 million. Zymeworks had a negative return on equity of 72.30% and a negative net margin of 405.31%.Zymeworks's quarterly revenue was down 90.6% on a year-over-year basis. During the same quarter last year, the company posted $0.03 EPS. Research analysts predict that Zymeworks Inc. will post 1.38 earnings per share for the current year.

Zymeworks declared that its board has initiated a share buyback plan on Thursday, May 14th that authorizes the company to repurchase $125.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management 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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