Rubric Capital Management LP Acquires 1,250,000 Shares of Zymeworks Inc. $ZYME

Key Points

• Rubric Capital Management increased its Zymeworks stake by 21.7% in the first quarter, acquiring 1.25 million shares to reach 7 million shares, or approximately 9.59% of the company.
• Institutional investors own 92.89% of Zymeworks, while the company has authorized a $125 million share repurchase program covering up to 7% of outstanding shares.
• Zymeworks shares opened at $23.00, below the analyst consensus price target of $37.33; analysts maintain a “Moderate Buy” consensus, though ratings range from Strong Buy to Sell.

Rubric Capital Management LP boosted its stake in shares of Zymeworks Inc. (NASDAQ:ZYME - Free Report) by 21.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,000,000 shares of the company's stock after buying an additional 1,250,000 shares during the period. Zymeworks accounts for about 1.9% of Rubric Capital Management LP's investment portfolio, making the stock its 13th biggest holding. Rubric Capital Management LP owned approximately 9.59% of Zymeworks worth $175,280,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Janney Montgomery Scott LLC increased its holdings in shares of Zymeworks by 3.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 11,487 shares of the company's stock valued at $288,000 after acquiring an additional 420 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Zymeworks by 25.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,637 shares of the company's stock worth $96,000 after purchasing an additional 731 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Zymeworks by 10.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,507 shares of the company's stock worth $221,000 after purchasing an additional 800 shares during the last quarter. Russell Investments Group Ltd. boosted its position in Zymeworks by 1.6% during the fourth quarter. Russell Investments Group Ltd. now owns 58,350 shares of the company's stock valued at $1,536,000 after purchasing an additional 902 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC boosted its position in Zymeworks by 3.4% during the fourth quarter. Campbell & CO Investment Adviser LLC now owns 33,588 shares of the company's stock valued at $884,000 after purchasing an additional 1,095 shares in the last quarter. Institutional investors own 92.89% of the company's stock.

Zymeworks Price Performance

Shares of NASDAQ:ZYME opened at $23.00 on Tuesday. The business's 50-day moving average is $24.44 and its 200 day moving average is $24.52. Zymeworks Inc. has a 1 year low of $11.51 and a 1 year high of $29.75. The firm has a market capitalization of $1.68 billion, a P/E ratio of -16.79 and a beta of 1.13.

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

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

Wall Street Analyst Weigh In

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