Perceptive Advisors LLC Increases Stock Holdings in Zymeworks Inc. $ZYME

Key Points

• Perceptive Advisors increased its Zymeworks stake by 7.6% in the first quarter, acquiring 248,228 additional shares. Its 3.51 million shares represented about 4.81% of Zymeworks and were valued at $87.9 million.
• Institutional investors and hedge funds own 92.89% of Zymeworks, while several firms recently initiated or expanded positions. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $37.33.
• Zymeworks shares opened at $21.94, down 3.4%, and remain unprofitable, reporting a quarterly loss of $0.59 per share and $2.41 million in revenue. The company also authorized a $125 million share buyback, covering up to 7% of outstanding shares.

Perceptive Advisors LLC grew its stake in Zymeworks Inc. (NASDAQ:ZYME - Free Report) by 7.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,510,078 shares of the company's stock after purchasing an additional 248,228 shares during the period. Zymeworks makes up approximately 1.7% of Perceptive Advisors LLC's portfolio, making the stock its 18th biggest holding. Perceptive Advisors LLC owned about 4.81% of Zymeworks worth $87,892,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd acquired a new position in Zymeworks in the 4th quarter valued at $37,000. Quarry LP acquired a new stake in shares of Zymeworks in the 3rd quarter worth $50,000. Tower Research Capital LLC TRC lifted its stake in shares of Zymeworks by 29.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company's stock worth $62,000 after acquiring an additional 1,131 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Zymeworks by 25.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,637 shares of the company's stock valued at $96,000 after acquiring an additional 731 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Zymeworks by 157.7% in the second quarter. BNP Paribas Financial Markets now owns 10,307 shares of the company's stock valued at $129,000 after acquiring an additional 6,307 shares in the last quarter. 92.89% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on ZYME. Truist Financial increased their price target on shares of Zymeworks from $28.00 to $31.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. Wells Fargo & Company lifted their price objective on Zymeworks from $34.00 to $37.00 and gave the company an "overweight" rating in a report on Tuesday, June 30th. Citigroup reiterated a "buy" rating on shares of Zymeworks in a research report on Tuesday, June 30th. Weiss Ratings reissued a "sell (d-)" rating on shares of Zymeworks in a research note on Friday, July 17th. Finally, HC Wainwright reissued a "buy" rating and issued a $46.00 price target on shares of Zymeworks in a report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Zymeworks presently has a consensus rating of "Moderate Buy" and an average target price of $37.33.

Zymeworks Stock Down 3.4%

Shares of ZYME opened at $21.94 on Friday. The company has a 50-day simple moving average of $24.23 and a 200-day simple moving average of $24.48. The company has a market capitalization of $1.60 billion, a PE ratio of -16.01 and a beta of 1.13. Zymeworks Inc. has a 52-week low of $11.51 and a 52-week high of $29.75.

Zymeworks (NASDAQ:ZYME - Get Free Report) last announced its quarterly earnings data on Tuesday, March 31st. The company reported ($0.59) EPS for the quarter. Zymeworks had a negative net margin of 126.92% and a negative return on equity of 37.97%. The company had revenue of $2.41 million during the quarter. On average, research analysts anticipate that Zymeworks Inc. will post 1.36 EPS for the current year.

Zymeworks announced that its Board of Directors has approved a stock buyback program on Thursday, May 14th that permits the company to buyback $125.00 million in outstanding shares. This buyback authorization permits the company to buy up to 7% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

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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