Pictet Asset Management Holding SA Has $232,000 Stock Position in Zymeworks Inc. $ZYME

Key Points

• Pictet Asset Management cut its Zymeworks stake by 87.4% in the first quarter, selling 64,371 shares and ending with 9,256 shares worth about $232,000.
• Other institutions were active in the stock as well, with JPMorgan Chase & Co. and Jane Street Group among those increasing their positions; institutional investors now own 92.89% of Zymeworks shares.
• Zymeworks reported a Q1 EPS loss of $0.59 and, despite ongoing losses, recently announced a $125 million share buyback plan. Analysts remain mostly positive, with a Moderate Buy consensus and an average price target of $37.33.

Pictet Asset Management Holding SA reduced its holdings in shares of Zymeworks Inc. (NASDAQ:ZYME - Free Report) by 87.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,256 shares of the company's stock after selling 64,371 shares during the quarter. Pictet Asset Management Holding SA's holdings in Zymeworks were worth $232,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. AQR Capital Management LLC lifted its position in shares of Zymeworks by 86.0% in the first quarter. AQR Capital Management LLC now owns 48,485 shares of the company's stock worth $577,000 after purchasing an additional 22,411 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Zymeworks by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,385 shares of the company's stock valued at $386,000 after purchasing an additional 1,427 shares in the last quarter. Jane Street Group LLC increased its stake in Zymeworks by 487.0% in the 1st quarter. Jane Street Group LLC now owns 135,763 shares of the company's stock valued at $1,617,000 after buying an additional 112,636 shares during the last quarter. Creative Planning increased its stake in Zymeworks by 114.8% in the 2nd quarter. Creative Planning now owns 25,389 shares of the company's stock valued at $319,000 after buying an additional 13,567 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Zymeworks by 1,050.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 441,690 shares of the company's stock worth $5,543,000 after buying an additional 403,281 shares in the last quarter. 92.89% of the stock is currently owned by institutional investors and hedge funds.

Zymeworks Price Performance

Shares of ZYME opened at $25.88 on Monday. The company has a market cap of $1.89 billion, a PE ratio of -18.89 and a beta of 1.13. The firm has a 50-day moving average of $24.73 and a 200-day moving average of $24.71. Zymeworks Inc. has a one year low of $11.51 and a one year high of $29.75.

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

Zymeworks announced that its board has initiated a share buyback plan on Thursday, May 14th that allows the company to repurchase $125.00 million in shares. This repurchase authorization allows the company to repurchase up to 7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

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

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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