Squarepoint Ops LLC Reduces Holdings in Zymeworks Inc. $ZYME

Key Points

• Squarepoint Ops LLC cut its Zymeworks position by 80.5% in the second quarter, selling 66,946 shares and retaining 16,200 shares valued at approximately $423,000.
• Analysts remain broadly optimistic, with a consensus rating of “Moderate Buy” and an average price target of $41.00, versus the stock’s opening price of $26.81.
• Zymeworks reported weaker-than-expected quarterly results, including a $0.62 loss per share versus the $0.56 consensus estimate and a 90.6% year-over-year revenue decline; institutional investors still own 92.89% of the stock.

Squarepoint Ops LLC decreased its position in shares of Zymeworks Inc. (NASDAQ:ZYME - Free Report) by 80.5% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,200 shares of the company's stock after selling 66,946 shares during the period. Squarepoint Ops LLC's holdings in Zymeworks were worth $423,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the company. Janney Montgomery Scott LLC lifted its stake in shares of Zymeworks by 3.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 11,487 shares of the company's stock worth $288,000 after acquiring an additional 420 shares during the last quarter. Tema ETFs LLC increased its stake in Zymeworks by 0.7% in the second quarter. Tema ETFs LLC now owns 105,615 shares of the company's stock worth $2,761,000 after purchasing an additional 684 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Zymeworks by 10.4% in the first 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 period. Nykredit A S bought a new stake in shares of Zymeworks during the second quarter worth $25,000. Finally, ProShare Advisors LLC lifted its position in shares of Zymeworks by 10.6% during the fourth quarter. ProShare Advisors LLC now owns 12,387 shares of the company's stock worth $326,000 after purchasing an additional 1,186 shares during the last quarter. 92.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ZYME. Stifel Nicolaus set a $46.00 price target on shares of Zymeworks in a report on Friday, August 7th. Wolfe Research assumed coverage on shares of Zymeworks in a research report on Thursday, September 17th. They issued an "outperform" rating for the company. Wells Fargo & Company upped their target price on shares of Zymeworks from $37.00 to $40.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. HC Wainwright raised their target price on shares of Zymeworks from $51.00 to $55.00 and gave the stock a "buy" rating in a research report on Wednesday, August 26th. Finally, Citigroup reaffirmed a "market outperform" rating on shares of Zymeworks in a research note on Wednesday, August 26th. Ten investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Zymeworks presently has a consensus rating of "Moderate Buy" and an average target price of $41.00.

Zymeworks Stock Performance

NASDAQ ZYME opened at $26.81 on Tuesday. The company's 50-day simple moving average is $25.78 and its two-hundred day simple moving average is $25.38. Zymeworks Inc. has a one year low of $15.81 and a one year high of $31.34. The company has a market capitalization of $1.90 billion, a price-to-earnings ratio of -13.27 and a beta of 1.19.

Zymeworks (NASDAQ:ZYME - Get Free Report) last issued its quarterly earnings data on Friday, August 7th. The company reported ($0.62) EPS for the quarter, missing analysts' consensus estimates of ($0.56) by ($0.06). The business had revenue of $3.23 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the firm earned $0.03 EPS. Equities analysts expect that Zymeworks Inc. will post 1.38 earnings per share for the current fiscal year.

Zymeworks Company Profile

Zymeworks Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for cancer and other serious diseases. The company uses its proprietary Azymetric and EFECT antibody-engineering platforms to design multifunctional biotherapeutics, including bispecific antibodies and antibody-drug conjugates intended to address complex disease biology.

Zymeworks' leading product is zanidatamab, a bispecific antibody targeting HER2. In the United States, zanidatamab is marketed as Ziiたhera for previously treated, unresectable or metastatic HER2-positive biliary tract cancer.

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