SummitTX Capital L.P. Purchases 97,159 Shares of Zymeworks Inc. $ZYME

Key Points

• SummitTX Capital increased its Zymeworks stake by 43.3% in the first quarter, purchasing 97,159 shares and bringing its total holdings to 321,427 shares worth approximately $8.05 million.
• Zymeworks authorized a $125 million share buyback, allowing the company to repurchase up to 7% of its outstanding shares. The company most recently reported a quarterly loss of $0.59 per share on $2.41 million in revenue.
• Analyst sentiment remains broadly positive, with a MarketBeat consensus rating of “Moderate Buy” and an average price target of $37.33, compared with the stock’s recent price of $22.86.

SummitTX Capital L.P. increased its holdings in shares of Zymeworks Inc. (NASDAQ:ZYME - Free Report) by 43.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 321,427 shares of the company's stock after buying an additional 97,159 shares during the period. SummitTX Capital L.P. owned 0.44% of Zymeworks worth $8,049,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd acquired a new stake in Zymeworks during the 4th quarter worth $37,000. Quarry LP bought a new stake in shares of Zymeworks in the third quarter worth $50,000. Mirae Asset Global Investments Co. Ltd. boosted 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 buying an additional 731 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in Zymeworks by 29.6% during the second quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company's stock valued at $62,000 after purchasing an additional 1,131 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of Zymeworks in the 4th quarter valued at approximately $205,000. Institutional investors and hedge funds own 92.89% of the company's stock.

Zymeworks Price Performance

NASDAQ ZYME opened at $22.86 on Monday. Zymeworks Inc. has a twelve month low of $11.51 and a twelve month high of $29.75. The company has a market capitalization of $1.67 billion, a price-to-earnings ratio of -16.69 and a beta of 1.13. The stock has a fifty day simple moving average of $24.47 and a 200 day simple moving average of $24.53.

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

Zymeworks declared that its board has initiated a share buyback plan 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 stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

ZYME has been the subject of several recent analyst reports. Truist Financial raised their target price on shares of Zymeworks from $28.00 to $31.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of Zymeworks in a research report on Friday, July 17th. HC Wainwright reissued a "buy" rating and set a $46.00 price target on shares of Zymeworks in a research report on Wednesday, June 3rd. Citigroup reiterated a "buy" rating on shares of Zymeworks in a research note on Tuesday, June 30th. Finally, Wells Fargo & Company lifted their price target on Zymeworks from $34.00 to $37.00 and gave the company an "overweight" rating in a research note on Tuesday, June 30th. One research 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 given a Sell rating to the company. According to MarketBeat, Zymeworks 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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