Manatuck Hill Partners LLC Acquires New Stake in Zymeworks Inc. $ZYME

Key Points

• Manatuck Hill Partners acquired 100,000 Zymeworks shares worth approximately $2.6 million, while institutional investors and hedge funds collectively own 92.89% of the company.
• Zymeworks reported weaker-than-expected quarterly results, including an adjusted loss of $0.62 per share versus estimates of $0.56 and revenue of $3.23 million, down 90.6% year over year.
• The stock traded at $27.47, while analysts maintained a consensus “Moderate Buy” rating with an average price target of $40.75; the company also authorized a $125 million repurchase program covering up to 7% of outstanding shares.

Manatuck Hill Partners LLC bought a new position in shares of Zymeworks Inc. (NASDAQ:ZYME - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 100,000 shares of the company's stock, valued at approximately $2,614,000. Manatuck Hill Partners LLC owned approximately 0.14% of Zymeworks at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Legal & General Group Plc bought a new position in Zymeworks during the 2nd quarter valued at $1,128,000. The Manufacturers Life Insurance Company bought a new stake in shares of Zymeworks in the 2nd quarter worth $807,000. BlackRock Inc. bought a new stake in shares of Zymeworks in the 2nd quarter worth $111,122,000. Deutsche Bank AG acquired a new stake in shares of Zymeworks in the second quarter valued at $10,383,000. Finally, Persistent Asset Partners Ltd acquired a new stake in shares of Zymeworks in the second quarter valued at $939,000. 92.89% of the stock is currently owned by institutional investors and hedge funds.

Zymeworks Trading Down 4.5%

NASDAQ ZYME opened at $27.47 on Wednesday. The stock's 50-day moving average price is $24.60 and its two-hundred day moving average price is $24.72. The company has a market cap of $1.95 billion, a PE ratio of -13.60 and a beta of 1.15. Zymeworks Inc. has a 1 year low of $13.60 and a 1 year high of $30.50.

Zymeworks (NASDAQ:ZYME - Get Free Report) last announced its earnings results on Friday, August 7th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.06). The firm had revenue of $3.23 million during 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%.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 business earned $0.03 earnings per share. Research analysts forecast that Zymeworks Inc. will post 1.25 EPS for the current fiscal year.

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

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Citigroup reaffirmed a "market outperform" rating on shares of Zymeworks in a report on Wednesday. B. Riley Financial reissued a "buy" rating and issued a $44.00 price target (up from $40.00) on shares of Zymeworks in a report on Monday, August 10th. HC Wainwright raised their price objective on shares of Zymeworks from $46.00 to $51.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Zymeworks in a research note on Friday, July 17th. Finally, Truist Financial boosted their target price on shares of Zymeworks from $31.00 to $32.00 and gave the stock a "buy" rating in a report on Friday, August 7th. One investment 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $40.75.

Zymeworks 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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